Mentor wants to partner on a multi-family home rental. Some questions...

[Account Closed]

Hello all! So my mentor wants to partner on a multi-family home rental. At this point, the partnership type has not been defined.  The simple version is that he is already retired with some capital to put forth, roughly 20-30k. Because there is a pretty large difference in age between us I'd like to know what types of partnership structures are common in this scenario. I know this can be a long-term game and want to  come up with a setup that benefits us both. Have anyone of you seen this type of scenario before? if so, what would you recommend?

[Michael R.]

@Account Closed said that when you are going to partner with someone for the first time -- do it on a short term investment like a flip.  This will test the waters.

The reason for that statement - to which I agree - is that this is more than a long term thing - it's like a marriage.  Literally.  It's contractual and when the relationship ends it is messy when property and money are involved.  

Find an attorney that does not represent your partner.