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Updated almost 5 years ago, 02/14/2020

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10
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1
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Jacob Holler
1
Votes |
10
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Multi family investing legal questions

Jacob Holler
Posted

Hello Everyone, 

I am relatively new to the bigger pockets forum and am hopeful for some advice on an upcoming multi family investment I plan on making.  

Background - I currently own 3 rental properties and am looking to scale and get into multi family.  I currently have two other soon to be business partners who are basically in my same situation.  Both have a few single family rentals and are looking to scale.  

My questions on the legal side are as follows:

1.  How much would it cost for a lawyer to write us a legal contract or operating agreement? We are going for a  purchase price between $600k and $900k, so don't want to spend 10% of purchase price on a lawyer (unless that's how it goes, I suppose).

2. Does it matter what state the lawyer is in relative to where we live and where the property will be? 

3. What else would we need besides an operating agreement? 

Very grateful for any feedback and this forum in general!

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