All Forum Posts by: Christopher Mendoza

Do you possibly have enough time to form an LLC? Address your issues in the operating agreement instead of a joint-venture agreement.

If not, you may be able to find a few joint-venture templates online, but it may be worth it to talk with a local attorney to go over some of your issues: funding, distribution of assets upon sale, management of the property or rehab, etc.

This is not legal advice.

Is the primary purpose of the clause to share the repair costs or have the tenant's contact you prior to calling a repair man? You may not need to have a repair-cost sharing provision if you want to do the latter. As other posters have mentioned, any repair-cost sharing provision may be unenforceable under applicable law (e.g., state, county, or city).

If your goal is for tenant's to reach out to you before calling a repair man, you can probably draft language requiring the tenant contact you for repairs prior to contacting a third-party repairman. If they contact a third-party repairman, then you may charge an inspection fee for reviewing the third-party repairman's work. Perhaps, the inspection fee will encourage the tenant to reach out to you first. If you add such language, you should probably discuss this with your tenant's during the move-in walk through.

NOTE: This is not legal advice.