How to purchase a deal with a partner?

[Ben Jacobs]

Hey everyone,

My name is Ben Jacobs. I am 20 years old and I am very new to real estate investing. I purchased my first investment property (a 3bd 1bath single family house) in Philadelphia a year and two months ago. I refinanced the property six months later, and was able to pull all my money out, and purchased a Second investment property using the Refi money. This strategy (the BRRRR strategy) is working great but its a slow proses. So I want to bring in a partner to help grow my real estates investment business . When I say partners I mean an individual that provides all the finance and I provide all the deals and the management.

So this brings me to the few questions I have. When purchasing a property with a partner how does one structure the deal? What's a fair percentage of equity to offer a partner? Do you create a LLC with both you and your prater as the company that is buying the property? And how do you establish on paper the intentions of how long to hold the property (I buy with the intention on buy and hold long term).

     Anyone who has experience with this sort of situation please give input. I thank you in advance for your time! I'm looking forward to connecting and speaking with you!

Respectfully, Ben.