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Updated almost 9 years ago on . Most recent reply

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William Leuenberger
  • Pinehurst, NC
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Is it a good idea to create a partnership for MHPs?

William Leuenberger
  • Pinehurst, NC
Posted

I am very new to this mobile home park ownership idea. I'd like to get other peoples perspective on this idea. Also, I'm thinking about going into a partnership to purchase and run a MHP. 

Please send out your thoughts or ideas.

Thank you. 

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Curt Smith
#5 Mobile Home Park Investing Contributor
  • Rental Property Investor
  • Clarkston, GA
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Curt Smith
#5 Mobile Home Park Investing Contributor
  • Rental Property Investor
  • Clarkston, GA
Replied

Same tips as above. We used a smart RE attorney to create a property specific LLC, and write the opperating agreement (the meat of an LLC) to show cash split, profit split, voting rights and what heppens in death, family buy out etc. For those who do not know, you create an LLC and get EIN at IRS, the register the LLC with your secretary of state, listing the officers, registering agent (often your attorney) and you upload the operating agreement. The operating agreement is the road map for the entity. Anyone can go through the motions of punching buttons and using your credit card but few put the necessary thought into writing the operating agreement. So most LLCs aren't worth 10 cents or provide the liability protection or what ever the hoped for purpose they where created for.

A partnership LLC operating agreement is written like a Joint Venture agreement including statements of risk, should the project fail. What recourse do the partners have against the project manager... All things you'd want spelled out and signed by all parties.

  • Curt Smith
  • [email protected]
  • 678-948-7151
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