Structuring Partnerships: Best Practices

[Sean Mitzel]

Hello, I'm looking at investing in Assisted Living Facilities. I have experience running the business side of facilities and I recently purchased my first buy and hold rental property (not an assisted living facility). However, I'm unfamiliar with best practices in structuring partnerships... I would be the principal investor responsible for the day to day operations (I would be hiring staff, including an Executive Director). I envision having a few limited partners perhaps one other general partner. What are some best practices? How do I structure buy-in? What is a fair equity stake for me (I plan on investing some capital as well but not sure as to an appropriate discount) as the principal relative to others input? What about distributions? Any suggestions would be fantastic, thanks!