Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago, 11/29/2022

User Stats

43
Posts
19
Votes
Nathan R Andersen
19
Votes |
43
Posts

Partnership for an LLC - Recommendations

Posted

I'm in the process of closing on a home that I'll be in a partnership with someone else. We have written up a good list of terms that we're agreeing to atm, but I'm looking for some suggestions of lawyers to help me write up a legally binding document and possibly help us work through smaller kinks in out agreement to make sure we cover everything. I'm assuming we do this through a lawyer, unless I'm mistaken. 

Any direction or suggestions of things to cover would be greatly appreciated. 

Edit: I gave no details. We are doing a MTR where my partner would live in manage (we got 5% down) and I would be considered the bank as we're using my HELOC to fund the property. This is the essence of the deal. Some basics are she earns equity in the home as she manages year by year capped at 40%, all profit pays us back the amount we invested before we pull profit, she is paid 6% of collected rent for PMing, we would profit share equally once we get paid back, if she stops PMing then she stops gaining equity each year and only gets profit of her equity %, I am doing maintenance and repairs and will do business related things (accounting, leases, etc.) If I'm missing anything major it might be from forgetting.

TIA

Loading replies...