Hi - I know this has been asked before but I couldn't find exactly what I am looking for so I am posting again. Me and 2 of my friends started a LLC through Incfile in Florida. Our goal is to invest through Roofstock for the first property in Florida with all cash and no mortgage.
Now, we are definitely going to get a real estate attorney's help, but I wanted to prepare ahead and think of all possible scenarios to be included in the agreement so we can have a productive and comprehensive discussion.
So on that note, does anyone have any examples of operating agreements in Florida? Below is more context:
- We all have full time jobs and in our early 30's
- 2 of us live in New York City and 1 lives in Boston, if that matters
- All of us are planning to do equal investment and buy the property in all cash
- Our strategy for the first property is to go for cash flow
- We are only going to buy one property under this LLC.
This is a late evening cry for help after a long day at work so apologies if I am missing any crucial detail.
Thanks so much.
Some things to discuss with the attorney
1) What is the exit opportunity of the LLC?
Will the property be held for 5 years and then sold? or is the plan to hold the property forever?
2) Which member(s) have decision making responsibilities?
who picks the investment property, who picks the property manager
3) What happens if a member of the LLC passes away?
4) who is responsible for distributing the K-1's to the other members?