Questions on Partnership with LLC and 401k
Ive reached out to a few real estate attorney, still awaiting a response. So I wanted to run it by some pro investors on BP.
I am purchasing a property through a JV. My LLC will be the active manager, my partner will supply the funds via his self directed solo 401k.
Should I seek out a security attorney? Estimated cost?
Will we need to form a trust which my LLC and his 401k both have equitable interest?
Do we need to open a new bank account for this trust, or will my business checking account work?
I’ve done private lending and understand that dance and I’ve attended a syndication seminar but seems overkill for a SFH- flip.
What’s the cleanest, cheapest and best way to do this?
Basically just splitting profits 50:50
Thanks