Have you done Joint Ventures with Close Friends and Family?

[Gee Williams]

Hello BP crew! My husband and I just purchased our FIRST property in March 2023 that we are currently in the process of flipping. The process is going VERY SLOW! Anyways...when I tell my friends about our latest venture the next question is "I have money, how can I start investing with you?" I respond by saying that we need to get through the process first, before they give me their money! I have heard about JV and private money, but never considered entering in business with close friends and family. Have any of you had any experience with entering into JV deals with close family and friends? Any lessons learned or tips you can provide as I consider this strategy?