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Updated over 1 year ago, 10/06/2023
Buying Property under LLC or Partnership?
I created an LLC for all my real estate affairs. Lately, I've been thinking about purchasing a new investment property with a friend of mine. However, we had no time to properly create a Limited Partnership because we randomly found a potential property and our realtor sent an offer to the seller there's a chance the seller chooses our offer. Because at first I wanted to purchase the property by myself, my LLC was going to be in the title of the property by using a hard money loan. However, it now seems that I may need more money to and a friend of mine is willing to invest some money. Are we allowed to have my LLC be the "owner" property and then have a written statement stating that we'll split profit 50/50 and if we were to sell the property, proceeds would be split 50/50 as well.