Real Estate Partnerships

[Wayne Igo]

I have an opportunity to work in a partnership arrangement with some other investors.  We have been discussing the various ways we can combine our resources and strengths that will be fair and equitable and increase the likelihood of success.  Single and multi-tenant properties will be considered.   I would like to start a good discussion here as partnering in real estate is a common practice.  Please comment on any experiences you have had with partnership arrangements.  Some obvious questions are:

1) Would an LLC be the way to go?

2) With unequal time, capital and skills,  how can the profits be shared?

3) Division of labor?  Sweat equity?

4) What happens when one partner wants to sell a property and other one wants to hold?

5) How should property ownership be handled?  Multiple investors on the deed

There must be some smart way for multiple investors with varying resources and skill sets to come together in a equitable and profitable manner.   Any thoughts, personal experiences, advice or references would be appreciated.

Thanks,

Wayne