Partnership strategy and tips for newbies??
Hey all, myself and @Ben Byma recently just got a bid accepted on a SFR with a cash offer and will be closing in 2 weeks. The bid was submitted under my name so the title will have to be in my name during closing. We are then going to do a short rehab and hopefully cash refi out using "delayed financing" to get our money invested out. (BRRR strategy). Anyone have any experience or suggestions/tips on partnerships and can help us with the best protocol in obtaining a mortgage in a partnership(during the cash refi since it was a original cash purchase)? Should the mortgage be under both our names or 1 and should we have a side partnership agreement? We want to split the capital and responsibilities at 50% each. Should there be an LLC for us or is that unneccessary and waste of money? We need advise on what direction to take and the proper steps in doing so since this is our first partnership endeavor, and not waste time and money doing the wrong thing. We needed to jump on this great deal before we lost it so we kind of put the car before the horse in terms of thinking about how to construct the partnership details. Thanks!