Partnership agreements for a property

[Chris MacDonald]

My friend and I are planning on going halves on a quadplex and we'd like to get something in writing that we both agree to so we can refer back to in case any issues come up. He's in California, I'm in Texas and the property we're looking to buy is in Florida. I'm no looking for an LLC since we're going to get one for the property but we're looking for something between us as partners. Does anyone have anything like that we can reference?

[William Anderson]

I have done many of these ventures. All of them involve a specific property. The only one that did not involve a property but was created to buy properties was with my brother. We used the same LLC agreement because it does not specify properties. An LLC agreement is a partnership agreement. You attach a sheet listing the buying or equities or properties that the LLC owns.

When you buy a property create a separate LLC using the same agreement changing the names but the 100% owner will be the LLC partnership. For each successive property, a new LLC lists the business partnership as the sole owner.

I recommend that you spend a few dollars with an attorney once to get started then use the document the attorney creates for future projects.