Partnershp

[Yusuf Wilson]

Hello all,

I'm currently in the process of creating a legal structure with 7 other additional partners. OUr plan is to create an LLC for the purpose of flipping/rehabbing and buying properties together. Has anyone entered into a partnership with multiple partners? If so, can you offer any insight as to the dynamics we should be examining or including in our process?

There are several other questions I was hoping to get some insight on:

1) What is the legal structure we should form? I've spoken with an attorney and he suggested that we would need an LLP as opposed to an LLC.

2) What would be a good starting strategy to start out with? We discussed doing a couple flips just to build up capital and then do buy and hold for cash flow.

3) Being that we are not an odd-numbered group, how should the decision making process be designated (i.e., appoint one decision maker, create a system for decisions to be made, etc.)?

Any insight would be greatly appreciated! Thanks in advance!

Yusuf Wilson

[Account Closed]

An eight-person partnership is going to be a logistical nightmare unless the majority are passive investors. Why so many partners? What are these people bringing to the table?