Exit Strategies with Partners in Buy & Hold Models?

[Frances Buerkens]

How have you described the exit strategy in an operating agreement? What parameters did you fail to include in an OA and how did that impact you? 

Background: I am writing an operating agreement which will eventually be formalized by a lawyer to be incorporated in an LLC. This is a venture between me, my boyfriend, and my parents. They're bringing the money to the table and we're bringing the sweat equity.

The intention is to buy and hold rentals for "the long term" but neither party has a clear goal or timeline for selling - except that selling is most likely to happen eventually. The goal we all share is "financial freedom". 

Failure to write a comprehensive operating agreement could impact the relationship I have with my family - so it better be solid! 

Thanks in advance, BP community! You guys are awesome.