Please help me structure this deal

[Marci Stein]

My friend/ Realtor found a duplex out of state for 35K . he knows the atea , i dont . 
I would like to partner with him but he has no cash . 

please suggest a way for me to give him half the money over a yesr , 

at what interest rate ?

would I then collect the rents from both apartments ? 
and how does the rehab work , since it will need about 7000 k 

to be rent ready , 

thanks so much!!

[Terri Wyzkoski]

Marci,

Create a limited liability company in which you are both 50/50 general partners.  Outlines each of your responsibilities, equity (dollar equity/sweat equity), timing of distributions if any, among other terms, in the Operating Agreement. You'll want to identify the specific strategy (a. buy & hold, b. buy, renovate & flip, c. buy renovate and lease, etc).

I'm happy to talk with you further about the same.  Reach out to me via PM.  This is the best way to handle the legality of the situation, in my experience with clients I've financed over the years.