Family Member as a Partner
Hey everyone! I plan on partnering up with my mom on an out of state real estate deal. I was wondering has anyone partnered up with their family member for a buy and hold property for a 30 yr hold? If so how is that partnership going and how are you liking it? What are some successes you are having with it and any pitfalls?
Most Popular Reply
I think with family, having a partnership that is a lending situation is a better way to go than multiple people owning the equity. If you "borrow" money, then the repayment terms can be clearly laid out whereas in an equity partnership things are much more fuzzy and strains are more likely to occur which is why many recommend not doing business with family and friends.