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Updated over 8 years ago,
Bringing on an investor and depreciation question
I turned my brother onto BiggerPockets and he has taken it to heart. He wants to do a 50/50 split on one of my rental properties to test the waters before going on a deal by himself. The lawyer I used to set up my LLC is kinda expensive and I was wondering if others had used legalzoom or some other cheaper alternative to write up a quick contract discussing how income and expenses would be handled. He will not be part owner/manager of the LLC. Just an individual investing on one of my properties.
Also, if anyone could chime in on whether or not both of us get to depreciate the property or not would be helpful.
Thanks,