I have a buy-and-hold property that i would like to include a partner in the deal. He is married with children and conveyed to me that the relationship has been rocky recently. His concern with going in on a deal would be the pain it would cause me and/or the property in the event he goes through a divorce. His plan was for me to have a contingency plan to buy him out if his marriage goes sour. But if I had that money, i wouldn't need a partner!
What creative ways are there to protect me, the property, and my partner?
The best way would be to not partner with him
Thank you Caleb and I agree that is the simplest and safest but not that creative!
Perhaps there is a way through layers and structuring of LLC entities that can provide protection?
If they split it would all be up for grabs, unless you did something very off-the-books. Maybe some land trust that he’s part beneficiary of but I would not want to be that trustee when the lawyers start digging.