Real Estate Partnership

[Tyler Kavan]

Hi Everyone,

I am currently looking to start a partnership with a close friend of mine to finance a deal. I am looking to get him as a partner to help fund the down payment of my next deal. He doesn't have any real knowledge in real estate but has a decent amount of liquidity and is also a loan officer so we would be going through him for our conventional loan. I am a somewhat new real estate investor as I just purchased my first triplex. I am the one with the real estate knowledge as well as a fully setup LLC. I would be doing most of the hands on work like leasing, maintenance, etc.

With all of this being said what is my best route for getting this partnership setup. Would it be to put his name on the LLC as well? When it comes down to splits what would be a good percentage when he is more just providing 50% of the capital and I am doing everything else? Any and all opinions are welcomed. Looking to gain a lot of knowledge from this! Thank you.