Updated almost 7 years ago on . Most recent reply
Resources to start a partnership
Perhaps this should be under "starting out". @Matt Crawford and I are considering partnering on a flip. I'm investing in Missouri, he lives in Maryville, nearby where I invest.
I feel we both have similar interests, yet bring different skill sets and attributes to the table. We'd like to do a flip together, and if things go well, we will consider acquiring buy and holds together.
Assuming we do this, we would hold the flip property in a LLC, with 50/50 ownership. Beyond this, we are scratching our heads a bit. We want to have a contract in place stating who does what, who's responsible for what, who get's what cut, and who will invest what. What are we missing. Should we use rocketlawyer.com, or a real lawyer? What else should the contract include?
What other advice, tips, or tricks do BP members having for setting up a rock solid partnership?
Most Popular Reply
@Pat Jackson If one of you get angry with the other you will probably hire a real lawyer to sue the other. Therefore, I would use a "real" Real Estate lawyer to do the LLC and agreement. If both of you go into the deal knowing that the partnership is unbreakable, both of you will probably work harder to overcome any difference of opinion.