Partnership structure advice

[Jose Quinones]

Hey Everyone! Looking for some advice on how to structure my first partnership. I'm looking to owner occupy 4 unit multifamily using a VA loan. The person who found the deal, future partner, found it off market, turnkey, under market rents. Offered to pay a large cash earnest to the seller and I'll finance the rest. Numbers are $430k price, $100k cash earnest, $330k VA loan. Any suggestions?

[Greg Scott]

Do you need to partner on the deal?  For me the best-case scenario would be to pay him some cash to assign the deal, and then you take it over 100%.

If you have no cash, then it becomes a question of who has the greatest position of strength. He has cash, but you have a VA loan and are willing to do that sort of deal. Hard to tell where the chips might fall. Everything is negotiable.