Updated over 4 years ago on . Most recent reply
Assisted Living (Partners)
I'm currently researching properties near the Pasadena, CA to buy the property and start an Assisted Living business. (5BD,2+Bath) We have close friends that are have been running two Assisted Living homes and are open to partnering with my wife and I to run the operations of the AL business. My wife is getting certified for the AL business and our partners are open to showing us the ropes to help us get started.
The real estate side of the business will be completely separate from the partnership because I will be purchasing the home and our partners won't have the capitol or credit for home purchase.
As the sole real estate investor partner, what should we consider if we decide to partner with folks that have experience in running assisted living homes?
I'd also love to get the thoughts of savvy real estate investors on how they would recommend to structure this partnership?
For example, since we will own the property and we will share 50/50 responsibilities for the operational side of the business; Does it make sense to split the profits evenly for the AL business? I'd think this would be fair but would appreciate some guidance.
Any other insights welcomed!