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Updated over 5 years ago,
Structuring Partnership? (for someone whoREALLY doesn't get it)
My realtor brought us a really great property that we could use the BRRR strategy on-- however we just wrapped a rental purchase/remodel that took all of our extra money. I hate to turn down a good deal though so my mom offered to partner with us on this deal. She wants 6% interest on her investment... then plus... something.. she isn't sure what to ask for and I'm not sure what to offer.
And this is where I am stuck---- can anyone walk me through how you have structured your partnerships?
What is a good way to structure someone bringing in the capital while the other person does everything else?
I'm also looking forthe most basic of how things work when you bring someone else in.. how does title get written up? Should I form an LLC just for this property? Does everything go in her name since she is bringing the funds?
ANY advice you want to share will be very much appreciated, I'm out of my depth on this aspect of investing.