Inside the basics of a Partnership. HELP!
I'm a newbie in the RE investing game and have struck up a partnership with a talented investor in my area. My plan of action is to use the BRRRR strategy and live in the property while leveraging the home style loan and renting out the remaining rooms to help cover the cost of the mortgage. I want to make a great first impression with my 50/50 partner and was wondering how the BP community might structure a partnership. For example, since I've never done a deal - what are some things that my partner should expect of me and what should I expect of him? Thank you!!
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@Bryce Herrera identify what value each of you will bring to the deal. For example, if your partner is already a successful real estate investor, then maybe they will bring due diligence experience, mentorship for you, qualifications for a loan, relationships with realtors, contractors, lenders, title companies, insurance agents, etc.
Then your value, for example, will be to search for the right property, manage the rehab, screen, quality, and lease to tenants, and property management.
And you each bring whatever monetary capital you have for the deal.