Should I Takeover A Rental Portfolio?

[Jeremy Patterson]

Hi, this is my first time asking a question on the discussion board. I am trying to figure out the best plan of action for taking over someones real estate portfolio. I have a family friend that owns 20-30 rentals and is ready to retire. He wants to form a llc together and let me manage and perform all the work and repairs to gain equity towards the properties. He wants me to put a proposal together about how I am going to do this. Not really sure how to do it.

So for example, I bring in 5k for skin in the game with an agreement that I will manage all properties for a fee and handle repairs and maintenance for x amount of equity a year toward the properties.

Does that sound like it would work? Is there a better way to set this up?

He owns all the properties out right and really is doing this to help me out. I have managed properties before and have extensive experience in electrical, plumbing, and carpentry work. So the work and maintenance is not a issue. Any suggestions would be great.