Setting up a Partnership

[Nichole Ovens]

I am looking for a CPA/tax strategist that can help guide me as I build a real estate portfolio and partnerships with friends and family on deals. I need to find a new CPA soon for basic accounting (as it seems my current accountant may be seriously ill and has not been returning my calls on an urgent IRS matter) as well as to help me plan for building a portfolio using my 401k and IRAs.

I would like to know who has created an operating agreement where one of the partners is primarily the money person (but might do some work), one might handle property management, one might handle the legal, admin, lead generation/BD, and one handles the rehab/project management. I loved @ianreeves podcast #237 about "Partnerships and BRRRR investing while working a fulltime job."

Ian's spreadsheet was a great help....thank you so much Ian! However, I am trying to find an operating agreement that might spell out how the profit split could work if there is a partner who primarily provides the upfront cash to purchase a property while the others bring the money for the rehab/property management costs.

Anyone out there with an example operating agreement that would show that breakdown would be a help. I didn't find exactly what I was looking for in the file share on BP.

Also, can anyone advise on how much to plan for legal/bookkeeping/accounting set up costs for a partnership on an upcoming BRRRR investment?

Thanks and happy investing!

Nichole