Any ideas on structuring partnerships?

[Cathy P.]

I was just asked to work with someone I know on buying, reno then renting deals. Since I just learned how to evaluate properties I said yes let's talk. He has the financing I'm not sure how to structure this partnership, any ideas?

[Cathy P.]

Quote from @Nathan Gesner:

Quote from @Cathy P.:

I was just asked to work with someone I know on buying, reno then renting deals. Since I just learned how to evaluate properties I said yes let's talk. He has the financing I'm not sure how to structure this partnership, any ideas?

It's best to talk to an attorney. There are a lot of things to consider: how much each partner puts in, how much each one takes out of cash flow and upon sale, who will be responsible for managing the rental, who pays for repairs or improvements that can't be covered by cash flow, what to do if a partner fails to uphold their end, what if one partner wants to get out of the deal, etc.

 Thank you so much this helps a lot.