Equity Partner Turn Key Property in KC

[Carrie Hallensleben]

Here is another questions for you. We are considering selling a property we bought, renovated and rented two years ago. The market has improved recently and inventory in this price range is low. However, while our money could be reinvested elsewhere, I am having a hard time deciding whether to let go of the property because of the prime location. Has anyone ever taken an equity partner in a situation like this? I know out of state investors are often looking for turnkey in Kansas City. Would switching the property to joint ownership in an LLC with the equity partner paying in say 70% of current market value and then on our end, we contribute with maintence, marketing and management of tenants, would that sound like a fair 50/50 partnership? Does the value we bring with having obtained the property, remodeled, placed and managed highly qualified tenants make this a desirable deal? My husband is a licensed contractor who has completed our rehabs and managed our properties thus far. We are trying to move toward some multifamilies in the not too far off future. As always, thanks for any advice:)