Set up Real Estate Partnership

[Jeremy Mangen]

Hey there!

I'm a new real estate investor in the Twin Cities and I'm closing on my first MFH deal in December. 

I have a partner who wants to invest with me, and I'm trying to figure out how to best set up a legal real estate partnership.

My goal is to have a legally binding document that outlines roles, responsibilities, and profit splits. I've been looking around and haven't found a lot of solid information. Should I go with an attorney? CPA? Can I do it myself by downloading a document off the internet? I'm not sure.

I am aware of the cons and dangers of having a partner in real estate investing. My friend and I trust each other implicitly and we've done business together before so I'm not worried about that. Regardless, I'm not taking chances, I want a legal partnership that explicitly outlines everything. Any tips/advice on how to get this set up?

I'll tack this on here, I am also looking for a CPA and real estate attorney as I know I'll need both of them eventually in my real estate journey so any recommendations would be greatly appreciated.

Thanks!