MFH rental with multiple partners
Hey all,
Looking for some advice. My brothers in law and I are venturing into the possibility of buying a MFH and becoming landlords. I'm looking for advice on how to possibly design our deal.
I've been investing in real estate the past year, mostly in SFH and hard money lending. All units are occupied and cash flow positive. I currently have an LLC for my property business and am working toward my license. The property will be deeded into the LLC. I will contribute 25% of the down payment.
Brother in law A is a lawyer who will contribute his legal knowledge and 25% of the DP.
Brother in law B is handy with maintenance and will also contribute 25% of the DP.
Partner C is a cash/silent partner who will contribute 25% of the DP.
Here are some questions:
1) Considering I will primarily do a majority of the work with this property, how much more, if any, of the profits am I entitled to?
2) Do factor in the same % for vacancy, maintenance, etc. as you would a SFH?
3) If we decide to liquidate the house in 15 years, am I entitled to more of than 1/4 of the profit?
4) Do I charge a monthly/yearly fee for my work?
Any feedback is appreciated.