what are the logistics around setting up a partnership?

[Michele Ling]

Hi, I've come across a property that I think would be a great investment, but I would need to find partners in order to make it work. It got me wondering about the logistics around establishing a partnership, specifically the sequence of events. Do people identify partners, set up an LLC (which could take weeks), find a property and then create the operating agreement to determine ownership? This approach seems like there could be missed opportunities as the partners wait for the LLC to be created. Or do people find a property, identify partners and then make an offer? This approach though seems to leave very little time to get the partnership set up since there's a small window of time between finding a property and making an offer on it. Please shed some light on the process. Thanks.