Buy/Sell Agreement in LLC

[Jason Meyers]

Morning All!

I'm excited to say that I have taken the first steps to purchase my first rental property with another investor in my area. We are purchasing two rental homes in the area under a LLC. Has anyone personally had to form a buy or sell agreement or do you usually want an attorney to do this? I understand the point of this agreement, but not sure how we would split assets or what our portion of the LLC would be worth if someone wants to sell their portion of the business. Also, is it necessary to have an Operating Agreement with only two people in the LLC?

Any help or guidance would be appreciated!

Jason Meyers