Operating agreement language specific to real estate LLC

[Logan McConnell]

Hi, does anyone have any recommendations for verbiage that should be included in an LLC operating agreement (OA) in relation to multiple business partners owning a commercial building. I was wondering if anyone can share their experiences where a partnership that went wrong and how the OA helped or could have helped the situation. I have two business partners. We are forming an LLC to purchase a commercial building and we want to make sure that our OA covers the worst case scenarios down the road to protect everyone. For example, if one of the partners decides to move in 3 years and wants to sell their 1/3 of the business to get their invested money back, they wanted to sell the building before the other owners, they wanted to pull their 1/3 of the funds out of the business account that was intended for building maintenance costs, etc. Are there real estate specific terms you would add to the OA. The current OA has all the typical verbiage: 2/3 of the partners must agree on selling or renting the building, expenses/profit will be divided evenly, etc. Thanks in advance for any input!