Forms of Joint-Venture or Partnership Agreement; Common Pitfalls

[David Gotsill]

Hey BP Community - A small number of like-minded investors and I are considering a joint-venture or partnership aimed at simple buy-and-hold SFH or small multi-family properties.

We are still hashing out some of the details, but the consensus is that we'll invest via interests in an LLC that will hold title to the properties.

I was wondering if anyone could share any specific pitfalls to look out for when we're drafting our LLC/operating agreement? Does anyone have any sample forms of agreement? Any provisions that typically are the most critical?

Similarly, noting that situations vary greatly, any generally applicable reasons that such a structure might be more work than it's worth?

Thanks,

David