Partnering up in a property I manage

[Mohammed Rahman]

Hello BP community! 

My name is Mohammed (Mo), I'm a broker & investor based out in NYC. My firm also manages properties for our clients and although its a small portion of our business, its a great way for us to stay involved with clients to better understand & anticipate their needs. 

Recently, we've been running into an issue with one of the properties currently under management. It's a multifamily property located in the boroughs that is in B+ condition, and located in a A- area. Close to public transport, very family friendly, etc. 

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)

The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs. I WANT to do this, but have little idea about how to structure it as well as being unsure about which attorney to connect with. 

My question: Is there anyone you would recommend (preferably in the boroughs) that can help advise me on how to structure this deal that's fair to all parties and compensates me for the risk I'm taking? 

[Michael Smythe]

Move it to a new LLC to avoid old potential issues.

You will both be members of the new LLC with percentage ownership.

Have an attorney draw up the LLC Operating Agreement and be sure YOU understand it.