LLC partnership advice

[Andrew D.]

Hi BP folks,

I just got an accepted offer last week on a several hundred acre recreational property in NY (raw, vacant, riverfront/forest land), and we're should have a signed contract this week (with a 60 day closing period for additional diligence). As my first real estate purchase/investment, it's been quite an interesting learning process doing all of the work to make it happen.

However, the complexity is that I'm making the investment with a 3 other colleagues (each with much smaller stakes/liability than myself). We're in the process of establishin an LLC before closing as the liable entity for the property/title/mortgage. While we have a general agreement sketched out for how we want this partnership to operating (voting rights, out clauses, etc), I was wondering if anyone here has any resources (sites, books, etc) that might be helpful for us to make sure all of our bases are covered. I'm most concerned about uexpected scenarios where costs or value of invidual party ownership can become unclear. I know that a lot of advice out there strongly suggests against entering into partnerships with friends as they can often end badly, but while we've acknowledged that advice, we clearly chose to give this a shot anyway.

If anyone on here has any experiences or advice to share or could point me to some material to read through myself, I would greatly appreciate it. I didn't find any other posts on the forums here specifically related, but if I happened to overlook one that could be useful, let me know!

Thanks in advance for your thoughts, and feel free to ask any clarifying questions.

Regards,

Andrew