Local/Long Distance Partnership Responsibilities

[Mike Bonadies]

Hi Guys! My Partner and I are forming a real estate investing company and we wanted to see how other partnerships split our responsibilities - especially ones where one partner was local and the other was long distance.

A little bit about us:
We are two professionals starting an LLC in South Jersey and where we plan on specializing in buy and hold properties in blue collar/upper-middle class neighborhoods. One of us lives in South Jersey where we plan to operate and the other lives in Baltimore. Here's some of our talents/skills:

Baltimore Guy:

• The more financially savoy of us.
• Better salesmen/net-worker
• Larger base salary
• Better marketer
• Operationally minded

South Jersey Guy:

• Much more of a firm/no BS attitude
• Can do minor repairs-handyman jobs
• Better at organization
• Better credit score
• Has their PHd (more credible?)

How would you split out the responsibilities of a real estate investing company with someone being local and someone being long distance? I've heard and spoke to a few people that have had a similar relationship but wanted to get more opinions as we are just jumping into this for the first time.

Thanks for the help!

Best,

Mike