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Updated 11 months ago,
Investing with family - get a promissory note?
Hi,
I'm a relatively new investor - I currently own one duplex that's fully rented, and have one completed flip property on the market to hopefully sell soon.
My next step is partnering with a family member - an uncle - who has expressed an interest in providing me with financing to help me scale my business. To start, we would partner on flipping a single family home.
My question is - what documents should I set up with this family member?
A promissory note? An LLC? Anything in particular to make sure we're all set up to buy a property?
He would be providing 90-100% of the financing, I would be coordinating the rehab process.
Thank you for any advice you're willing to provide.