I am new to REI. I own a triplex and looking to buy another duplex. I haven't been actively looking for partners but my coworker became interested in REI after she has been hearing what I've been doing with my properties. I had tea at her house tonight and she is wondering if she can partner up with me. This is one side of REI that I haven't been looking into--partnerships. I have a couple of questions that I hope you can help me with.
- We will purchase a multi family property.
- We will get a mortgage for this deal.
- We will most likely split the down payment and closing costs down the middle (i.e. 12.5% down, half of closing cost).
- She wants me to do most of the active management. She wants to be totally hands off with the property management aspect of things.
- How is the mortgage structured? Whose name will it be under?
- How about the title of the property? Whose name will it be under?
- Considering that I will be actively managing the property? Can you give suggestions as far as equitable ways of dividing the profits/loss?
Reach out to @James Wise . He is the master of partnerships and could probably tell you 100 different ways to structure a partnership.