Partnership Investing? ... pros and cons

[Brandon Shoults]

I'm ready to invest in some small multi-family units with two of my brothers. We have been discussing the upside potential of shared initial investment costs. We have discussed less about the potential pitfalls and headaches of partnerships in general. The dynamic of family partnerships have potential to be dicey also. I'd like to think that my brothers and I are reasonable and would be able to work out potential issues along the way, but things always come up in partnerships. I'd like to create a solid structure and written business plan to avoid any miscommunication or unmet expectations of one another.

any tips, book recs, or learning experience stories would be great to hear. 

Thanks!

[Cameron Tope]

@Brandon Shoults 100% agree with @Greg Dickerson - lay out the roles and responsibilities IN WRITING. 

I've done some family investing and we didn't go to an attorney for the paperwork BUT we had everything in writing and clearly defined responsibilities. 

They say the only ship that doesn't sail is a partnership so be cautious, especially with family. 

Best of luck!