Partnership advice on multifamily deal

[Kellen Driscoll]

Hey BP, I am currently looking to partner on a small multifamily deal with a friend. Basically my friend will put up the money for the down payment and I will handle everything else. My question is how should I handle the bank account in which the rental income will go. Should I keep an account in which I only have access to and pay him out of the cashflow. OR should I setup an account in which we both have access to so that he can be reassured that there is actually money in the account and not going to other places. Thank you! Kellen

[Alina Trigub]

@Kellen Driscoll As an alternative to giving your partner access to the bank account, you can give him access to the application where you're keeping "the books" for this project. Any app would allow to set up a Read Only access where your partner would only be allowed to view the data without the capability to change anything.

Best!