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Updated almost 4 years ago,
Partnerships - what do you wish you would've known?
Hi! I'm a new investor and I'm currently house hacking a duplex. As I've learned more about investing, I've decided I want to expand and acquire more properties. I was talking about it with a friend, and she told me she also was thinking about getting into real estate. After a bit more talk, we decided we wanted to partner and try and find deals together.
We've started reading as much as we can, practicing deal analysis, and are narrowing down our criteria of where we want to find our next deal.
But, before we get too far into the business, we want to make sure we have our partnership set up well. So with that, If you invest with a partner, what do you wish you knew when you were first starting out in your real estate partnership? How did you go about defining your roles? Were there any legal steps you took that you recommend? Any books, podcasts, or other literature you learned from about how to build a successful partnership? Other generalized advice?
thanks!