Tips for structuring deals when leveraging OOS partnerships?

[Rochelle Duong]

Hello,

Investor from California looking to leverage a potential partnership with someone from the Kansas City, Missouri Market. Met my potential REI partner through a mentor and we've all been meeting weekly to get started on deals. We've already vetted eachother out and seem to have similar investing philosophies when looking for properties. My potential OOS partner would be "boots on the ground" and he was going to do the leg work, said he could manage repairs, oversee the property, and is currently in the process of obtaining his REA license. I have a steady income, excellent credit, and cash reserves, and have the time and knowledge to help touch base with him weekly. We were gonna go 50/50 into the deal where both of us contribute 50% of cash reserves for an initial down payment. One of the things I'm aware of is to have things written out and have an attorney look over contingencies that he and I both lay out, so that things are "fair."

He and I are both new at this; It would be his second deal (his first is his house hack) and my very first deal. Any tips would help so we can be prepare and make sure that this partnership works out for the both of us.

What are some of the ways some of you have structured out of state deals? What are some suggestions that I could do to contribute to this partnership moving forward?