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Updated almost 5 years ago,
Purchasing Real Estate with a Partner
Hope everyone in the BP community is doing well and staying safe out there!
I am a new investor in the Atlanta area that recently got a solid deal from a wholesaler in our area. I plan on purchasing this property through a LLC that I set up and the sale contract reflects that. I also have a 50/50 Partner (close friend) on the deal that I plan on adding to my LLC as a member and executing an operating agreement to define the 50/50 split, contributions, profit/loss, etc.
Is there any other legal documents that other investors recommend to file/fill out? Want to be sure we are both covered in case something happens to the other or in case of legal disputes with property expenses or profits. This will be a buy and hold property that will be rented out for the foreseeable years to come.
Any help is great appreciated. Thank you in advance!