Deal structure with out-of-state partner
Hey BPeople,
My son lives in Indiana and he has been learning and saving to purchase his first investment property in the next few months. Myself and two other local (Washington state) investors are interested in partnering on deals with him in the high cash-flow area that he lives in. We are most interested in small multi-family residences to rehab and hold as cash-flowing rentals. However, we are not sure what the best way to partner on deals like this is.
He is interested in house-hacking if it is conducive to a partnership strategy, but mostly we just want everything to be fair and equitable for all involved. How would you structure a deal consisting of 2-4 investors, one being local to the "farming" area and the others living out of state? Thanks all!