Politics, Religion and Business w/Family...

[Matt Gilroy]

Maybe the three most controversial conversations!  I'm looking for help with the last one.

I'm looking for input from folks who have partnered on deals with a formal arrangement. JV, LLCs, Partnerships (general/limited) etc. What are things to be wary of when forming a business partnership with family?

My situation:

My dad and I both are interested in partnering together. We understand this will be a business relationship and both want to be formal about it. We plan to purchase a house BRRRR style and ideally keep the momentum going with several purchases to follow. Knowing that we are looking at starting with 1 SFH, what are some best practices when laying out an agreement? Is a JV better than a partnership? Are there things to consider and write out that we might be overlooking?

We have discussed utilizing a HELOC (in his name) and eventually refinance into a 30 year mortgage (likely in my name).

I'm open for questions and comments!

Cheers,

Matt