Welcome to the BP forums and congrats on your first property!
When considering options for a partnership, you'll want to consult with an attorney for the asset protection implications and a CPA for the tax implications. An attorney can explain the benefits of setting up an LLC along with an operating agreement.
Regarding payouts from the property management company, you would optimally have a separate bank account and have draws into the linked bank account. Then, you would distribute the profits from the business bank account to the partners based on the terms of the operating agreement.
@Shawn Smith I suggest you read this article: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor and this thread taking-on-partner-s-and-limiting-our-liabilites.
I would welcome the opportunity to JV with someone, if interested message me.
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