The right way to do Syndication with several individuals

[Bernadeau C.]

A few partners and I have just started a syndication group, where we plan to put our money together to eventually start buying rental properties in the Orlando area. We have created an LLC and have an operating agreement that has been drafted.

Has anyone done this before and would like to maybe share a few tips or advice on what to do or not do. or just simply network so that we don't go down the wrong path.

Thanks,

[Todd Dexheimer]

It sounds like you are forming a partnership not a syndication. In a partnership, all members have job duties and titles. Those should be spelled out so that everyone has a role and understands that role and to protect you in a audit or lawsuit. You should also have a exit plan. What happens if one of you wants out or you want one person out? You should have a plan set in place, in order to avoid litigation.