Partnership Logistics for New Property

[Katie Lyon]

We are closing on a property in FL this week that will be used as an investment property (rental). I have a few family members who will be passively investing. 

We will close the property in our name, and then transfer it to an LLC. Here's where I'm a bit stuck:

• Do we need to form an official partnership outside of the LLC, or is the LLC itself sufficient?
• Does the LLC/partnership need to be formed within FL where the property is, or can it be the state where I live? 

This is my first time doing a property with outside investors so I'm unsure of structure!

[Brock Mogensen]

Definitely need an operating agreement at bare minimum.  The complexity of your syndication structure will change how complex the docs need to be.  Get in touch with an attorney that has experience in creating partnership agreements.  They will be able to guide you in the right direction.