Setting up a Real Estate Partnership

[Prashant P.]

How would you setup a real estate partnership with another investor?

I was approached by another investor at a local REIA meeting. Basically he wanted to combine my knowledge of investing with his pocketbook. I would manage the properties and he would provide most of the funds to buy and rent or buy and flip a house.

How would you setup this partnership? Would you create a new LLC with an Operatating Agreement?

[Chris Weiler]

Have you ever worked with this guy before? I agree, with Jeff. I would do a small deal with a simple JV agreement and see how it goes. Try a little dating before you get married :)