Multifamily in Los Angeles - Looking for CPA/Attorney/Advice

[Amy Cheng]

Hi!

My mother and I are planning to form an equity partnership for a multifamily (tri or quadplex) home in Los Angeles. We are still in the early stages of hammering out the details but will most likely get the ball rolling in the next year (2021). I am currently talking to agents and lenders to get a sense of what we can afford. It will most likely be an owner occupied home with traditional 20% down bank financing though. My mom is providing the down payment and initial repairs costs, if any. I will be doing the rest of work: deal finding, closing, living in one unit, and taking care of PM duties. This will also be my first time buying. 

Does anyone here invest in multifamily in LA/California and can give me some insight into their experience/process/what to watch out for? I know LA is mostly an appreciation market and we may not see typical CoC returns at firs, but has anyone had surprising cashflow returns within the first few years in MFH?

I am also confused about how taxes work in a partnership and how to best structure this between my mother and I. (should we both be on the title, is an LLC necessary for this, etc etc) We will eventually be looking for a CPA and/or attorney who has experience in MFH. Also open to agent and lender recs in the area too.

 I just wanted to reach out to the BP community to get any recommendations and/or advice. PM me if you know someone! I can provide more details if needed as well. 

Thank you!