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Updated almost 5 years ago,
Dividend Agreement or Something Else?
Dear Bigger Pockets Community,
I am moving overseas soon and looking to share a percentage % (maybe 10-25%) of the profits from rental income as way to create vested ownership in properties with the incentive for them to grow it themselves while gone. However I would like to retain full ownership of properties (the LLC) while only paying out a percentage of profits (10-25%) for them to look after properties gone, in addition to giving authority to make operating expense purchases up to certain amount, suppose it should include as well their list of responsibilities.
What kind of agreement would this be? an operating agreement, or some type of dividend agreement? or other
Thank you or sharing your wisdom and knowledge and any experience you have. Much appreciated.