partnering up question

[Abdessettar Ibourki]

Hello All,

My agent Called me up to inform me that he found me a 8 unit property. When I informed him that I don't have all the money for the down payment (assuming 20% down payment, the amount is about $160K) he stated that we can partner up. I liked that the idea, and wanted to go for it.

what are the options to implement this partnership? and what should I pay attention to in implementing it?

Thanks.

[Nick C.]

There's a lot to consider here- where is the other 80% coming from? Bank financing I assume? Is that going to be shared debt or just yours. 

There's plenty of responsibilities that need divvied up- leasing and managing the tenants and maintenance issues that come up, bookkeeping/accounting/paying the bills, etc. 

When you divide up the responsibilities and sort out who is going to be in how much debt it will be easier to come up with a fair split.