Question about long-distance partnerships

[George Toolan]

I'm starting out and considering developing a long-distance partnership for buy and hold rental properties. What is the best type of legal structure to set up for this type of partnership and why? Thanks.

[Chris Seveney]

This depends on who is doing what. You potentially could setup a LLC and both of you be members, or you both could have a LLC and a JV Agreement in place. First start to write down the stucture and who does what, then get an attorney involved to draft the necessary documents and they can also go over with you the "what if" situation for example someone wants out, one contributes more money..... That is how I would go about the process.