@Chad Lowans , you have a couple of options. You could just go in as partners with your friend. Maybe an LLC where you are both members.
When you get to more than a few people investing, you enter syndication territory, which is very complicated (and expensive). You don't want to do that wrong as the SEC has very specific rules about who can invest and the paperwork required.
The deal you describe is much too small to be worth syndicating.
I say partner up. 50% of a good deal is better than 100% of no deal.
@Chad Lowans If you want to take on a partner it's vital to establish a contract or agreement that clearly states who does what. Many things can happen to a property, so it's important to plan for those things (even daily routines), even if it may feel a little awkward.
If you can do it yourself DO IT YOURSELF. Partners are a pain in the posterior.
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