LLC setup for GP and LP
So I have found a mid sized multi family property and to take it down I am bringing on a single limited partner to fund the downpayment. I'll be the single General Partner for the deal and already have bought properties in another LLC (disregarded entity). I want to use the first LLC to be the GP for the second LLC and have the limited partner inside that one with a clearly defined operating agreement agreement.
Am I setting this up correctly to ensure protections of both parties and to ensure I don’t mix my previous rentals in with this one?
Thanks, here’s hoping my offer is accepted.