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Updated almost 4 years ago,
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Partnership Agreement - advice?
Hey guys, I'm planning on partnering with an out-of-state investor and we both agree that we should sign an agreement that outlines the responsibilities of each person. The plan is for me to find a BRRRR deal, present it to my partner, and manage the rehab. My partner would provide the financing for the purchase and rehab so it would be zero money out of pocket for me. He wants his role to be as passive as possible and I do the legwork. We would hire a property management company and split the cash flow & expenses 50/50 once we place a tenant. We'll both be on the title.
Should I contact an attorney to draw up some sort of standard agreement to detail the above information or can I just create something myself? Is there something boilerplate out there that I could use?
- Paul De Luca
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