You should have a firm understanding of the partnership structure and the responsibilities of each partner, but you dont need any particulars in the loi. We use the language "entity to be determined" in our loi. As often times you will not be able to form the appropriate entity until you get under contract, have started dd, and recieved guidance from the lender on how they want the entity structured.
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
6y
Right now just put the LOI/PSA into one persons company or personal name with and/or assigned. Once it's under contract, then form a multi-member LLC for the specific property.