Partnership with Multifamily

[Jonroy Connell]

My apologies if this is a bit drawn out. This has been a long time coming but I want to have my ducks in a row when I sit and talk with my partners. Ahem..... We own a 2 family home in a suburb of Boston not far from Tufts University. The home has been in our family for 2 generations and is free and clear of any mortgages. We have wanted to rent both units for some time but many things needed to happen before that could happen. Well. We are now moving forward. The house fell into the ownership of my Mom and Aunt when my Grandparents passed away. When my Mom passed she left her 50% of the ownership to my dad who is still with us. When my Aunt passed she left her 50% ownership to myself and my 2 siblings. Of my 2 siblings, myself and one other are educated and methodical. The other...... Use your imagination. That being said we all are on good terms with each other. For now. The siblings and I ownership is in revocable trust set up by my Aunt. My Dad. An individual. I am trying to wrap my head around creating a single entity so accounts can be created in the entity's name, rents can be deposited and things stay on the straight and narrow. I never want to do business with family. Fortunately/Unfortunately we have a cash cow that I can't purchase outright from them. How would you handle this situation? I need to present it and sell it because it will make things smoother in the long run. Thank you for your input.