Looking for advice on a small real estate business
Hello everyone!
I am very new to the world of real estate investing. I have purchased 1 out of state rental property with my fiancée but I am hungry to learn more and continue my investing journey. I needed some advice on a potential small business I may create with a friend. I am looking into real estate investing in WI. My friend who lives there owns a small painting business and knows many of the ins and outs of flipping real estate. I am looking to finance a home for him to flip and ideally BRRRR. My contribution will be providing the finances required to purchase a rental property while he will primarily focus on finding the right property, completing renovations and working with contractors. We are looking into a business LLC and business accounts. I'm looking for advice from someone who has done something similar to this. How would we divide profits? Is a 50-50 split of ownership common for something like this? Is that fair? Thank you for taking the time to read this and I look forward to hearing back from some of you!