PARTNER CONTRACT for out of state investments
Here are the details.
I live in California. My partner lives in Kentucky. We are investing in Kentucky. I received a personal loan and will be providing the cash for purchases and rehabs. This is for BRRRR STR, BRRRR LTR, and FLIPS when necessary. We are looking to do 10 houses together in a year is the goal. We are both new to partnerships. What do we need to do? How should we structure the deal? Do I need to contact a Real Estate Attorney? The only thing we have agreed to thus far is 50/50 profit sharing. I want to make sure I protect myself and the loan I received. While there is no interest needed to be paid back on the loan, I am hoping to return the loan money with interest to show my appreciation after a few years.
BONUS FOR OUT OF STATE INVESTORS - Should I put this money in a California bank or Kentucky bank? Or does it matter?
Referrals on who to contact, books to read, advice, personal experience, and anything else that you think can be helpful is GREATLY appreciated.