Updated over 11 years ago on . Most recent reply
How to structure partnership?
We are considering partnering with a neighbor to purchase off the grid lakefront land, renovate the run down cabins, put in solar and vacation rental the cabins.
The neighbor brings construction and landscape expertise (lots of trees to come down!) and are local so could manage it. Their intent is to eventually own it outright for their personal use.
We bring more $ and expertise in the seasonal rental market. Our intent is to protect our nearby property by controlling what goes up on that property - and would be happy to sell our share to them or let them work off their payments via the rentals over time.
How could we financially structure such a deal? We have land purchase, renovations, landscaping, solar, septic and well to dig.
We own three properties ourselves, but have never partnered. We trust these folks. But need to have a solid something worked out. Any suggestions greatly appreciated.