Forming a Partnership

[DJ Cummins]

So, this weekend my wife and I, plus our "partners"(her cousin and his wife) are all sitting down to discuss our plan for our first property. We are still in the beginning stages. We are going to talk about meeting with our RE attorney, accountant, insurance agent(wife's aunt), our goals/mission, etc.

Can anyone give me some good pointers on discussion points that we need to bring up? There is so much for us to discuss, and I want to make sure that we have the most productive meeting possible this weekend.

[Brandon M.]

First thought, be careful when working/partnering with family and make sure everyone is on the same page in terms of roles/responsibilities/profit split ahead of time. Do not just assume both sides know how the profits and responsibilities will be split. Otherwise you risk ruining a relationship over money, happens way too often.

It can still work, and could be beneficial based on your existing friendship, but don't let money ruin that.