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Partnership Agreement
Hey there!
Long-story-short, a friend of my father is interested in investing money in real estate with me (flipping). I feel that to keep waters clear since the beginning, a partnership agreement must be signed before any business is done. Can someone give me hand with this? I need a real estate partnership agreement sample or someone that can guide me through it, my plan B is hring an attorney that can do it and notarize it all at once, but I though this option might be easier and more educative.
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I'm willing to put all the man-power, that is, managing the job. I would hire and handle contractors as well as real estate agent and any other sub-contractors. At the end of the day, what I want is to generate a good profit off a few businesses together until I have enough money saved to be my own bank.
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@Brian G., great question. Have you reached out to a lawyer and a CPA about this? I'd love to know whether with investing out of state, since you're likely to owe taxes in that state (possibly as well as where you live, depending on local laws), it matters which state the agreement is notarized in or if you need separate agreements for each state. And if an LLC, does that need to be registered in the state of investment, or just somewhere with low taxes (the classic Delaware filing)?