JV investment with friends

[Christopher Symenow]

My wife and I have begun investing in STRs (one so far 🤣) in our local market and doing well. But while looking for our next property our neighbor mentioned she wants to sell her home which would be a great place for an STR. Friends who live several hours away are interested in doing a JV with us to purchase the house. Would likely structure is as they would pay down payment and closing costs and we (being literally right next door) would maintain property, manage booking, turn overs, plowing, lawn care, landscaping, etc. not sure if this is a common set up or if there even is a “common”. We would start a new LLC for this JV.