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Updated over 4 years ago,
Handling Unexpected Costs in a Partnership
Hi All,
I'm pretty new to REI but I was wondering how most people who have done partnerships would handle a large unexpected cost in a rental property. Here is the example that I'm thinking about:
I get that partnerships can be formed any way that we agree upon so I guess my real question is, how would someone protect themselves from this sort of situationn? My initial thought would be to have some sort of clause in the partnership that says we split all required operating repairs over $1k but I would love to hear other people's thoughts.