Having a partner for a deal
I'm working on getting my 6th door as a rental unit. Once I close on that, I'll have 3 single family homes and one triplex.
I met with a friend today and he asked me about partnering up on a deal. To generalize a bit, lets say he is the money person and I'm the hands on guy. I'm local and he's a few hours away.
What sort of partnerships are the most common on deals like this? Things I'm wondering, would be, is it fair for the money person to fund the down-payment in full and the hands on guy to do the management of the property?
What about a mortgage? If one is used, whose name does it go in?
I know Brandon and others have mentioned using a partner quite a few times in webinars and podcasts. However, for those of you that have used partners, can you explain how you do it?
Thank you.