LLC formation with partners & articles of incorporation

[John Strianese]

I am looking to form a partnership with some trusted partners to invest in multifamily and single family long term rentals. I wanted to put it together right and not just slap one together online. This would include things like passing on to heirs and growing the company over the years with purchasing properties. I don't really know what kind of lawyer could do this right and be able to guide us with things that would help prevent problems down the road. I already own a single family rental and one partner has a multifamily rental and we were looking to roll these into the process as well. Talk to a lawyer and a CPA are pretty broad topics and I'm looking for a little more detail like what type of lawyer or specialization to look for and the same for Accountant professional. I do have a view of what I want it to eventually become, I just need someone that would know how to set it up to eventually reach that goal with the least amount of surprises. Any advice or direction would be appreciated. 

[Sharon Barnes]

To set up your real estate investment partnership correctly and avoid issues down the road, you'll need a real estate attorney who specializes in real estate investment structures, partnerships, and estate planning. This lawyer will help you with the formation of the entity (LLC or other), define ownership roles, and ensure legal protection for your assets. Additionally, an estate planning attorney is crucial for creating a succession plan, ensuring a smooth transition of assets to heirs. Look for attorneys with experience in multifamily and single-family investments to ensure they understand your specific needs.

You also need a CPA who specializes in real estate taxation to guide you through the tax implications of your investments. They should be experienced in partnership and LLC taxation, including deductions, depreciation, and capital gains strategies like 1031 exchanges. This will help you maximize your tax benefits and ensure your business is structured in a tax-efficient way as it grows. Both your lawyer and CPA should have a track record of working with long-term real estate investors and be able to help with estate tax planning to protect your heirs from unnecessary tax burdens.