Advice on partners starting out.

[Donald Lidster]

We currently have three to four of us getting ready to go in on flips together. The possible fourth is the money backer and we are hashing out how he wants to be involved as far as just money or splitting profits and doing work as well.

My question is how would we handle the acquisition of the property and taxes at the end of the day. Do we form a company for that specific property, individually form company’s and then draft a partner agreement? This is the part we want to get right from the beginning as we will be doing things with this group of investors/partners.