starting an LLC with a partner

[Tony Crabtree]

Hello all you experienced BPers!

Myself and a business partner are hoping to start an LLC (If you all think we need to, that is) so that we can spread the risk and accomplish more in our real estate investing adventures. He is a good friend with really high character.

Unfortunately I have NO clue what I don't know when it comes to a partnership and buying properties with another person. 

Can I get some beginners advice? We are meeting to create an action plan of getting started this week, and I would love to know a top 5 things perhaps that we need to really knock out of the park in order to ensure our success. We are hoping to do a lot of BRRRRing in other markets, and hoping to use as little personal funds as possible. 

THOUGHTS???

[William Brown]

Make sure you have any planned or uplanned exit/buyout options very clearly stated and expressed. Don't wait until it's a real mess. It helped me tremendously and made my buyout of my partner very clean