Legal Protection and Partnership
Hi everyone,
We are looking for some legal advise.
My partner and I have a duplex currently fully rented and is collecting income. The title is under my partner's name and he also assume the entire loan. I pretty much just threw in some cash behind the scene to help get the ball rolling. We split the rental income accordingly and have no issues there.
At this point, our next step thinking is:
1. get proper ownership on paper, where I can be legally part owner of the property
2. setup an bank account for this property so that the team can track down the income vs. expenses (whereas mixed together with his personal finances)
We heard DST (Delaware Statutory Trust) is a good choice, or an entity such as Series LLC but we are not 100% certain what fits our situation best.
Question:
What is the best way to structure the above?
(We both plan to continue to own more cashflow duplex together in the coming years, and down the road even consider selling them to our Chinese counterparts/investors so we will try creating some sort of cookie-cutter from this). We definitely would like to work with experts/lawyer in this field, if you are or someone you know can give us a quick free consultation to understand our needs then we will be more than glad to move forward with the individual.
Thanks!
Jason