How to Structure a partnership

[Account Closed]

I am in the process of wanting to start a partnership to accelerate my real estate investing. I have been successful in the NYC market and now I'm transitioning to the NJ market focusing mostly in the union, Essex, Hudson and Passaic counties. I have been doing this for 6 years now and all on my own but I feel with other partners/investors on my team, I could be working on 10 properties rather than 4 per year in this market. How do you go about setting up a partnership?

[Jessica Zolotorofe]

Well it doesn't have to be an LLC, per se. It can be a general or limited partnership, or some other form of corporate entity, which is highly advisable for a lot of reasons. How do you intend to take title otherwise? If you're looking for investors and you will own the property and they act as lenders, you can just do a promissory note and mortgage or loan agreement, but otherwise, what would be the objection to an LLC? If you don't form an entity, you would have to buy properties as tenants in common and that's just a big mess and harder to finance.