I am looking to get into the building and managing of apartment complexes and I would need a joint venture to fund the project. If you were looking to invest with someone in my situation, what sort of qualifications would you expect of them before going into a partnership? I am trying to gain a full understanding of everything I need to know before seeking partners so any advice would be appreciated.
Thanks so much!
IMO the biggest items are that you bring something to to the table that I don't and that we have similar values and goals. That is the baseline for me, a good structured agreement can hammer out the details of who is responsible for what, after that.
I'd look for experience managing multifamily properties. Similar size, occupancy, amenities, and class/location.
Beyond that, having systems and back up staff who can both scale with me and provide coverage if one person gets hit by a truck.