Help- Way to split a partnership
Hello BP,
A partner and I have been searching for some rental properties in two different markets. He has taken the lead in one market, I've taken the lead in searching in the other. It looks like the first one we have on the hook is going to be in the area I have been searching. This is a triplex for $90k ish. We were going to do traditional lending and go 50/50 on the upfront costs. However, there is an option to purchase as cash via line of credit I personally have, then refi out down the road.
Any ideas on how to structure this where my partner has some skin in the game on the upfront purchase if we choose to use my line of credit?