Family Partnership

[Rey H.]

New to BP, so here it goes!

I'm looking to start a family partnership with 3 partners. The goal of the partnership would be to develop a portfolio of properties to generate passive income long term through some mix of the BRRR strategy. The difficulty is that at different points throughout the partnership, 1 party may be contributing more cash/property management/renovation labor /finding the deal as each persons role wouldn't necessarily be strictly confined, i.e. one party will not exclusively be for downpayment/renovation cost, one party for property management, one party for renovation.

Can this work, and how would we divide/accrue equity in this sort of scenario? Should we look at what we value most in finding the deal vs cash vs property management vs renovation and then apply that to our equity 'awards' based on inputs? Any sort of help with a general approach to tackling this would be great! 

Rey