When things get complicated or if you get a lot of different people participating in a partnership I encourage people to sit down with an attorney and work through this as a group.I would also encourage you to operate investments in an LLC or other entity that helps separate and limit liability to you both.

Is the unit not metered separately?

Keeping your personal and business investments separate affords you greater liability protection than insurance coverage.  

The reason it works is because people who perpetrate fraud are good at what they do – separating you from your money.Unfortunately, some of our victims became victims because they responded to an unsolicited mailer, phone call, or knock on the door.

Also, I would focus on paying down your cc and car debt first before jumping in and investing into a separate rental property or flip.

Purchase price: $80,000 Cash invested: $1,500 Up/down duplex with separate utilities

ThIs helps to separate the “sales“ from the “education“ elements of BP.This post should be fine for collecting referrals, but if you’re looking to get answers straight from the horses mouth I would either 1) make a marketplace post, or 2) message and connect with accountants and bookkeepers directly.Good luck!

The real estate investment component doesn’t have to be separated from the real estate related business component.The fact that you have to wait a year to obtain profitability information from your accountant is a bit scary.

@Ashish Acharya The asset protection benefit of irrevocable trusts comes mainly from the separation of the grantor from his or her assets. ...

So putting both properties in separate LLC's won't make a big difference at this point to protect from loss on the mortgage.The other main liability is risk of loss from a lawsuit brought by a tenant or some event at the property.