Apartment Complex With Partners - Business Plan & Structure

[Nick Valletta]

Hey BP - I hope everyone is well. I recently stumbled into a good investor/friend that really wants to complete a deal with me. We are now financially in a much better place and thinking we want to jump right into apartment complexes. 

My first hurdle is I want to create a very well constructed business plan and tie that into a very well structured deal among the partners. Clearly defined roles, percentages compensation etc. I also want to have the ability to have third party investor be involved with this deal. My question is can someone point me to some great resources / give any advice regarding the structuring portion of the deal and how to best handle multiple skill sets and personalities in a deal that is relatively higher in value? Any advice would be greatly appreciated! Thanks all.

Nick

[Luke H.]

I suggest clearly defined roles, detailed responsibility, including actions in cause of any contingency.  Example: Someone disappears and you need a signature.  Water heater breaks on a holiday and your property manager is out sick. What is everyone's goal? What is the exit strategy of the deal, for everyone or any one person? 
When you put it in writing you, want people looking in from the outside to say you are overdoing it.  That way the people from within can visual it clearly.
I suggest you start writing your plan and I'm sure ideas will flow as you get going.
Good luck