Best way to share a property

[Matt Burr]

A friend and I who each own individual properties are looking to start purchasing property together. We each have our own LLC. We are buying in Southeast Michigan.

What recommendations do people have for the best way to make this work while protecting ourselves. My thought is form a JV in which each LLC owns 50%. I would assume we could also just start a new LLC with each of us owning 50% however we are both married so to please spouses that would land up with a lot of people listed as owner.

Any thoughts would be appreciated. 

Thanks

Matt

[Matt DeBoth]

It would be best to start a new LLC and have each of you as 50/50 owners. You would both be tenants in common and if one of you dies your share should go to that surviving spouse. I would get an attorney and have them write all this out for you so you both have everything in writing before something happens. Also make sure you have an exit plan incase one of you wants out of the partnership.