Good Afternoon All,
I am writing this post as I am looking for some guidance on how to approach a shared ownership of a rental property. Both of us will be utilizing an LLC. but will be going in on the property together splitting the costs. Does anyone have any links to any articles on here or elsewhere or any good books out there that discusses partnering on deals in real estate?
Anything on this matter would be appreciated.
Hi Tyler here we meet again, I was talking about this with my Accountant today but he refer me to my attorney first. I think it is a good Idea to split expenses and responsibilities but I am very careful about choosing a partner. Will keep you posted when I get some answers.
@Reinaldo Lopez I was planning on reaching out to a real estate attorney to get a basic understanding and possibly some guidance on this subject. Do you happen to know of any books or articles out there that provide further information on this topic?
I do not know any books on this subject. I think it depends on local laws in relation to real estate and LLCs, I did had a property some time ago with a coworker and it did work ok but now when I look back, we did it all wrong. We sold the property because he moved to Canada. Forming a LLC is simple and does not cost much even if you do it with a attorney or a CPA. Take a look at this news article, Also make sure you put in paper all duties, responsibility of each one, and what to do in case an unfortunate event happens. Cover all your bases, it could be your brother and deal can go bad in a blink of an eye. Maybe you might like to make a trust but it will cost more and pay higher taxes and I do not think is a pass trough entity, CPA question. But in a trust you can put all the details you like.
this is their web site
if not my CPA is in Miami Lakes Andrew Brody