Updated over 8 years ago on . Most recent reply
How to protect your investment when working with a partner?
I'm a new member to BP and looking forward to making my first rental property investment. I'm planning on partnering up with my parents and purchasing a duplex in which we would own 50-50. They would live in one unit and I would rent the second unit out and get me started in rental properties. What is the best way to make this partnership work and limit my liability against potential lawsuits against my parents and plaintiffs potentially wanting to come after my share of the property or vice versa? I'm concerned because in the past, my brother borrowed my parents vehicle and was involved in a car accident. Since he had no assets and my parents owned the vehicle, they sued them. I want to make sure my assets are protected in case something like this would happen again. Will greatly appreciate the advise.
Richard