Buying a Small Apartment and Have Questions

[Jorge Barboza Jr.]

Ok, so I am about to buy a small Apartment Building and am looking to partner with a friend on it. But I have a few questions that I would to get some advice on:

- Does it make sense if I am taking on a partner that we just split the ownership of the home by the percentage of the downpayment each of us put into the deal?

- If the above is true than what is the best way to go about that? Open a LLC and split up ownership that way or do tenant in common?

- If the above is true then how do you decide selling rights? By majority owner? Buy out of either owner possible by majority own approval and price determined by appraisal? 

- Any tips on what documents we need to make this happen? If it is a LLC that is easy enough but if not what docs should we use?

Thank you BP family. This will be my first partnership and first commercial deal so I am open to all other thoughts.

Jorge

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