Help - setting up LLC with Multiple Parties

[Jessica Monroe]

We currently have our first duplex under contract but no LLC set up here's our situation:

4 parties involved:

- Individual #1 & 2 are providing capital (cash / line of credit)

-  Individual #3 is going to be their for maintenance / bigger projects / inspections on properties before we purchase - he will likely not be putting as much cash in the game but a vital piece as our capital parties don't want to be hands on.

- Individual #4 (myself) is a licensed agent helping find properties and handling the management. I will contribute capital but not as much as #1&2 at first. 

I have been in contact with a lawyer who specializes in this so trying to get our ducks in a row instead of walking in and racking up hourly fees. If anyone has suggestions on how to structure this or even how not to structure please let me know! We want everyone to have skin in the game so to speak but also if someone wants out a way or another party wants to join we can do that as well. 

[Jay Helms]

@Jessica Monroe - a few things that'll help you out:

• % breakdown for shares; who owns what percentage
• what % of ownership is required for approvals - approvals for cap ex, refinance, selling property, etc
• do you have asset managers and / or silent partners? If so, what is the amount of spend the asset managers can spend without having to seek a majority approval
• does the realtor have voting rights or do they just have equity (gets into a Class A vs Class B share type)
• Buy out, options, procedures, approvals

Most of it is fairly standard, just need to decide on % ownership and voting rights.