Question and joining a partner

[David Wilson]

Hi all! I am looking at joining a friend of mine that I know and deeply trust in our first real estate venture. I am a health professional and have $200,000 extra in after tax cash a year looking to invest into real estate. However I have little time. My friend has some experience in purchasing and managing rentals and has a real estate license. I have money and no time. He has time and no money. 😄. So we would like to come into a partnership where he would use his sweat equity in finding deals and then managing them, doing a lot of the repairs himself. I would provide the cash and financing. We would create a LLC partnership. Any thoughts on what is win win for both of us in terms of percentage ownership. I know this is a complicated question. I do have a competent business/real estate attorney but wanted to ask what others thought. Thanks so much!!!!

[Daniel Brown]

@David Wilson Before even getting into percentages or building an LLC. I'd sit down and go over what your goals are going to be. What you're looking to accomplish. What your friend is looking to accomplish in this partnership. Build a business plan together that way you understand what your responsibilities are and what's expected of both you and him. That's not to say you haven't already done this but just something to think about. 😬