Joint Venture?
Hi,
I'm new to the forum but not completely new to RE. We are buy and hold (rent) investors. My husband and I have a 1 bedroom condo and a 5 bedroom house in Las Vegas, and a 3 bedroom house in the Poconos - all rented. The Poconos house we bought under our S-corp.
We have a friend interested in partnering with us on future purchases and we are currently looking at some properties in Rochester.
Since our S-corp already has one rental property on it, we don't want to make this new partner a partner in the S-corp. Our accountant definitely prefers S-corps to LLCs.
Our goal is to continue to purchase and rent out properties with this partner and ultimately be able to get investors for future deals, so we want to be able to show that we are legitimate and have experience.
Question: Do we have our friend set up an LLC or S-corp of his own and then enter into a joint venture with him? Do we set up a new S-corp with him as a partner for this and future deals? Can the new S-corp be a joint venture with a new company name that consists of our current S-corp and his company or him as an individual?
Suggestions and advice greatly appreciated.
Thanks!