Quote from @Brandon Callahan: I had someone that I trust and respect approach me about becoming a partner in some real estate deals, but I have some questions about what would be a fair in terms of ownership given this potential partner's proposed partnership/ownership structure.

Hi everyone,Who is everyone using for tax and real estate structuring (LLC’s, etc) in the Long Island area?

my question really comes down to the best way to structure the deal from my end.

But it depends, setting up a corporate structure makes sense once your building's equity or your net worth exceeds your umbreall insurance coverage.

We’re stepping in to pay off the remaining balance and plan to structure it as a loan from us to her mom, with small monthly payments (around $500/mo) going back to us. 

These lower price points seem to come with unique financing challenges (especially when light renos are involved or when the down payment is tight).I’m curious — for those of you working on buy-and-holds or light rehab deals in these kinds of markets:How are you structuring your financing?

If a structure isn't permitted, there may be challenges in substantiating its basis and depreciation for tax purposes.

@Hardik Patel Yes, forming a two-member LLC with your sister is a common and smart way to structure a 50/50 real estate partnership.

Is it hard to transition from that structure once you are a more advanced/seasoned investor? 

It’s been sitting on the market for 206 days and doesn’t appear to need any remodeling.