Partnership Do's and Don'ts- Any Advice

[Austin Nieves]

I have teamed up with 4 other newbies(2 brothers and a cousin). Each of us works full time and are excited for the journey ahead. We are currently in the final stretches of escrow and hoping to land two 4-plexes. What are some do's and don't when it comes to partnering on an investment property. We are family but want to make sure we have a solid business foundation and professional boundaries. Any and all advice would be much appreciated.  

[Robert Herrera]

Austin Nieves You need a business agreement IN WRITING. Everyone must sign, and always follow if any disputes arise. It's called a Partnership Agreement. Go to a Real Estate Attorney. Remember, friends and family make it very hard to do business sometimes. That's why it's not always a good idea. A business partner may not work out, and you don't have to see that person again. A family member will always be there, and if the business went bad, will cause a rift in the family. If you can all agree and sign a document, that's up to you guys.