LLC Partnership Agreement - Partners in different states

[Gabe Sirkin]

So a good friend and I want to go 50/50 on a rental. We would definitely form an LLC and have already consulted attorneys on operating agreements.

I want to ask the BP community on your guys thoughts on how it would be set up.

I live in Pittsburgh where the property would be, he lives in NYC. Realistically I would be managing the property. If we go 50/50 on the profits, equity, etc. how does it work for management? Should I be getting more equity or just a management fee? I'm also finding the deals and negotiation pricing. He does more the accounting and. umber crunching.