Partnership Vs Joint Venture Vs LLC

[Isaac Lane]

I currently have 4 doors and working on scaling my portfolio. I'm noticing that it's taking me longer than I would like to save up capital for my next down payment and decided that partnering on deals would help me scale faster. I have a few friends and family members that are interested in partnering on a deal. They want to invest money into the deal but aren't interested in the management or day to day operations of the property. I did some research on ways to legally structure a partnership and found that it can be set up as a partnership, joint venture, or LLC. I want to see if someone could explain the difference between the three and in which situations they work best?

Also what's a typical or reasonable equity/profit split in a partnership where one person provides the capital for the down payment and the other manages the day to day operations of the property? Thank you!