I am forming a 3 person partnership to purchase an investment property. We will be living in the property for the first year and then holding it as a rental afterward.
We are looking for suggestions on the best way to get our partnership off the ground. Should we hire a specific type of lawyer or just a real estate lawyer? Are there any specific agreements that you would recommend? Would you structure the partnership in a LLC, LLP, S-Corp, etc?
Looking for any help from members with experience in a situation such as this.
All help is appreciated!
@Tyler Thomas - I suggest you read this thread first taking-on-partner-s-and-limiting-our-liabilites. Get clear with your partners on the questions I posted there and then look for specialized advice - talk with @Scott Smith .
I'm pretty sure you don't want to own real estate in S-corp (Owning Rentals in an S Corporation Might Be a Costly Mistake).