First Multifamily Property

[Zachary Kalabanka]

Hi everyone,

I am a new investor located in Central New York. I am looking at several multifamily properties around the Auburn NY area with a family member. My family member has the money to help me get started and is interested in real estate as well for another way to diversify his retirement portfolio. His occupation is an attorney so he can help with the leases, evictions, closing, etc. He is willing to help me finance as long as I manage the property. This is would be my first rental property, but have a few questions.

1. Thoughts on investing with a family member?

2. Tips on buying first property?

3. Partnership contracts?

4. Any other advice!

Thanks!