Multifamily Operating Agreement

[Account Closed]

Hello,

Can anyone recommend a good lawyer or law group that could draft an operating agreement for a multifamily RE joint investment between two partners in a 50/50-style split in the state of Wisconsin? Based on people's experiences, what is a reasonable price to charge for the formation of such a contract? Thanks for your help!

[Ryan Seib]

Any lawyer or law group can draft an operating agreement 50/50 between partners. It is an elementary task, even for lawyers without much real estate experience. Lawyers start with templates too of course and then just think about the issues and revise the template. As a suggestion, you can get a head start by looking at some templates, talking to your partner, and then bring the worked-over template to a lawyer to start from as the basis for the specifics. It is a good entry level task to toss to a lawyer to see how they handle it in case bigger things come up. If they can handle a small task well, they should be trustworthy with the bigger ones. It costs less the more you can give your lawyer specific direction.