Structuring a partnership
Hello all,
I've read many articles and posts on biggerpockets about why one should/should not enter into a partnership, advantages/disadvantages, horrors, etc. Well, as a newbie with a thirst for investing, good credit, but no capital, partnering sounds good to me. I've been fortunate to find someone with experience and access to hard money who could be a good partner, but I have concerns.
However, I'm not sure I want to establish a "longstanding partnership"... I'd like to take it a deal at a time, but how might one go about doing that? And is it a reasonable approach?
If I begin speaking to attorneys, what sort of questions should I be asking?
Finally, I'm concerned with how taxes may impact my earning potential. For example, if my partner and I purchase a house, rent it for a few months and sell it with a 60/40 profit split, and I stand to make $15k, 1) how much will my $15k be taxed and 2) at what profit would the deal be "worth it?"
I appreciate your time and look forward to your responses. Thank you!