New To Investing - Looking for Advice

[Ethen Armstrong]

Ok, so I started listening to BiggerPockets totally on accident while driving to work one day around December 2019. Got hooked and since then I have listened to about 200 of the podcasts, I have a property under contract with no of my own money, and am in the process of forming a partnership with my financing partner.

We wanted to be a bit more prepared with the documentation and strategy for the partnership, but we had this deal drop in our lap. Got a 4 bedroom 2 bath from an estate sale for $13k, definitely needs fixed up but we knew that going in. It also comes with another parcel of 5k sqft, which we plan on building a garage with another unit above it. Currently the property is a single family, but it is already zoned as a 1-4unit.

Anyways, looking for any kind of advice I can get from my friends here at BP. Especially about the formation of partnerships and things we need to do asap since we kinda just jumped right in.

[Jaron Walling]

@Ethen Armstrong Congrats on taking the leap and getting started with investing. Without the details of the property condition, location, estimated rehab costs, or rental rates we can't answer your question. 

You do mention a "financing partner" and that's great but I'm questioning what value you bring to the table. The deal "fell into your lap" so did you do the work to find it? Do you have construction and remodeling experience? If I was going to partner with you these are some basic questions I'd ask before signing any partnership agreement with you. I'm just being honest. It's probably smart to draw up a partnership agreement discussing roles, allocation of funds, % of profits, strategy for investing, and anything related to it. I'd pay an attorney to make it legally correct and to make sure you're both happy. Cheers.