Attorney to review short term rental profit sharing contract

[Blake Boyd]

Hi BP,

I live in Dallas, TX and I am considering letting someone manage my 4 bed 4 bath property to rent to short term/medium term tenants and do a profit share 50/50.

I am looking for a real estate attorney that can review the contract this gentleman is drafting and provide any recommendations/cautions for profit sharing with a manager.

I have another property with a PM managing a long term tenant and I like that my responsibility is zero. I don’t have the time/nor want to manage short term tenants due to traveling for my job.

The PM who manages my other property is interested in managing this property as a LTR as well if I decide not to move forward with profit sharing.

Thanks in advance for any advice.

-Blake

[Kenneth Rolfe]

Other than managing the property, is this person bringing anything else to the partnership?  If not, I would recommend you just find a property manager to run it as a short term rental for you.  They should charge between 20-30% so you should make more money that way.