Need advice with using a partner.

[Zackery Bagby]

I need advice with using a partner to fund my first rental property. Anything I should know before signing a contract with one?

[Olatunbosun Idowu]

Hello Zackery, 

I find this interesting with all other factors constant I think this might be a good partnership but what if on the long run due to circumstances that reveals holding the property is a more favourable choice to go with and  you now decide to hold on to the property as a rental will you both continue to share the cashflow until it is sold. 

I can also see that you guys have negotiated how the profit will be shared but I must also let you know that for any partnership to be successful hugely depends on how concrete the partnership agreement is and must include  your rights as partners,  how you guys will resolve dispute if any arises and of  course how to terminate the partnership in case of any mishap or uncertainties. 

Since you are in the United State, although I don't know which part of United State you are but I think there are ways you can invest in real estate or finance a purchase with little or no money down why not explore any of these loan facility. If you must go with your friend you need to put a lot into making this a success through effective and efficient management, eliminating unnecessary expenses and wastage in order to increase your income, cash flow and asset value.