Tenant in common or side contract

[Angela MIller]

So we will be closing on 2 duplexes on 9/18. I financed one duplex on my own and took on a partner for 50% of another (he will be paying cash for the full duplex). My lawyer suggested tenant in common approach for this...as I will be giving him 25% of my 50% ownership for downpayment. So I owe him 75% of my 50% ownership still. My partner wants only his name on the title for liability issues and proposes a side contact for me owning 50% of duplex once it is paid off. What is the best approach to make this legal and valid without too much hassle?

[Daniel Dietz]

Is there a reason you and him would not just do a simple LLC to protect everyone? Going through that process also helps to answer all the 'what ifs' down the road.
Dan Dietz