First Silent partnership

[Steven Gray]

A friend reached out to me out of the blue asking if he could be a silent partner with me on a STR in Panama City Beach, FL. That is what I wanted to do next anyways but I've never partnered with anyone. I own 2 long term rental properties and my primary residence. I am very hesitant to move forward because I've always planned on going in my own being slow and steady but I know part of a deal is better than 100% of no deal. I plan on meeting with an attorney to go over a partnership agreement with him but what are some questions I should be asking myself before I go forward with this? What is a reasonable percentage to offer? Would he have to invest it in my LLC or would we approach a lender together? If a deal goes underwater what is our exit strategy?

Any help will be greatly appreciated.

Steve Gray