Entering a partnership

[Jake Czaja]

I’m partnering with someone on my very first property. It’s a house hack in Buffalo, Ny. We would like to continue to buy properties and want to take advantage of 2 low money down loans.

We just got a house under contract and my partner is taking on the first loan. I want to make sure I have an agreement in writing. I have found general partnership templates online, and joint venture templates. Would one of these forms along with a notary suffice to ensure we split the property 50/50 on all closing costs, Income, maintenance, and the sale of the home even though I’m not on the loan?

Or would you guys recommend I contact a lawyer to draw the agreement up for us?

Any help would be greatly appreciated! Thank you for your feedback!!