Streamlining duties between Partners

[Jordan O'Donnell]

What is the best way to streamline or decide what duties can be shared between Partners?

I know generally on here they say that partners should balance each other out, but a friend and I have been discussing the possibility of being partners in our real estate investing. However, both of us are new to real estate investing and really all we bring to each other is a larger area to market to (he lives 30 minutes from Indy and I live about 30 minutes from suburbs of Louisville) and access to larger funds. 

Thoughts?

[Ian Hooper]

Jordan, Hi. Welcome to BP.

My partner and I started doing everything simultaneously. We read, went to REIA meetings, scoured the MLS to understand the market, drove unfamiliar neighborhoods, viewed properties, made offers, etc. together. The first deal was a rental property, and we did most of it side-by-side. The second deal was a flip, and are organically discovering the parts of the business that suit us individually.

Your experience will surely differ because of the physical distance between you and your partner. It is unlikely that you know how you balance each other out, until you find out how it all works.

Please let me know if there is any way I can help you, or you can help me.

Peace,

Ian