Advice on Creating a Partnership Agreement

[Ariel Hoffman]

Hi BP Community! I am just starting my RE journey, and have decided to partner up with a friend of mine. He lives in the state i'd like to start investing in (Ohio), and so we have decided to partner up and go 50/50 on investing. He will be in charge of most of the things on the ground, and I am tasked with bringing in the capital to purchase and rehab the properties (We plan on doing the BRRRR strategy). We are going 50/50 on expenses and income that related to our properties; We plan on seeing a RE Attorney, but before then I was hoping to get some recommendations of things you may feel are important to include within a partnership agreement, or just in general things I should consider.

Thank you in advance for your comments.

Best,

Ariel Hoffman

[Brandon Goldsmith]

A lot of a partnership comes down to who provides what value. You have already outlined who will be doing what position in the partnership. Most partnerships work best when there is a component missing that the other can provide. I am starting some partnerships as well. @Ariel Hoffman