Family Partnership Structuring

[Mark Nguyen]

Hi,

We, my sister (not in Florida state) and I, are planning to buy a property, single family or 2-4 units with sub to or seller financing. I will be living in one room/unit and renting out the others.

I am planning to set up an llc to hold the property. She wants to put her money to work and will fund the costs. I will find the property, put the deal together, talk to the seller and manage the property and the tenants.

Any recommendations for structuring and operating this partnership are appreciated.

[Chris Seveney]

@Mark Nguyen

Make sure to look at it as a business with someone you do not know - and not as a family business

What could go wrong, think of every situation and outline it in the operating agreement

Some to consider are partner buyouts, partner death, asset losing money who gets paid first…