partnership LLC structure

[Jonathon Leib]

I'm wondering for those of you with partners, how you have structured the partnership.  I have a few BRRRs under my belt, been investing for about 15 years with 8 units (triplex, 2 unit mixed use and 3 SFRs).  I was approached by a friend who lives outside the US that is interested in building a portfolio and he has proposed the following:

We set up an LLC funded 75% him 25% me ($150K/$50K)

we split all income and profits 50/50

upon sale of any property, his 150 is received 1st, my 50 second and all profits above that are split 50/50

all he is contributing is $.  He can't get a loan as a non US person.  So leveraging my credit, experience, network, etc.

anyone have a set up like this?  what else should i be thinking about?  predetermined dates for one partner to liquidate?  specific liquidity requirement?  any thoughts?