Business Partnerships for Single Family Homes.

[Kevin Dolan]

A colleague and I are starting a business partnership to purchase and manage single family homes. And we need advice.

I am creating a landlording/management partnership with a colleague that I trust. He is fair, honest, hardworking, smart, and a good communicator. We consult one another about our current single-family rentals. He owns two, and I own one. And in our desire to expand we’ve decided to team up.

We've both had success as landlords. But we don’t have much experience about the ins-and-outs of business contracts. Can anybody who has done this kind of thing offer some advice on how to start? What pitfalls to look for? How do we put both of our names on the title for the next single family home that we acquire? Should we form a corporation? Does anybody have exit strategy ideas in case there is a problem? At what point should we involve lawyers, if at all?

Thanks!