Hyattsville, MD · Member since 2009 · 41 posts · 4 votes
My childhood best friend has come up in the world. I recently started my Airbnb business back in May and it has been very successful so far. So he now wants to establish a partnership with me and provide the Capital to either rent or purchase more STR properties. Are there any contract templates that can help in this situation? We are already in the process of starting our LLC. I will be responsible for setting up the properties and setting up teams to manage and clean them. He will be the primary financial contributor.
Reach out to a lawyer to build the LLC and the partnership agreement. Even with friends (maybe more so with friends), never assume that things are known, understood, or will just work out. In the partnership agreement, you should both understand each other's roles. It's worth the fees up front to save from potential headaches and heartache in the future.