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Partnership with a 50/50 partner
Hi all!
My business partner and I own one property and have mortgages on the other two. We are currently 50/50 on everything. We carry a million dollar coverage policy on each rental and we have our own separate umbrella policy's. Should we have a legal partnership created at this point and if we did, could we even put the properties with loans into an LLC without them calling the loan?
Not sure what the best move at this point is or if we are ok with the current situation?
Appreciate and advice,
Pat