Operating Agreement for LLC

[Arzu Alimjan]

I am looking at creating an LLC with a friend where we would like our joint venture/partnership to be 50/50. We are trying to determine what the contract terms should require for short term rentals versus the standard rental property leases. Is there anyone that could share draft contracts of what their partnerships look like for both short terms rentals and rental property leases? Does it make sense to get a lawyer involved? If we wanted to get others involved in our deals for future growth would the terms have to be revised to accommodate? I would love to hear what you guys have to say on this and if there are any good draft copies I can go off of. Thank you.

[Alexander Szikla]

Your OM doesn't need to outline short term rentals vs. standard leases. 

It should go over mechanisms for governing the LLC (i.e. how those sorts of decisions are made). It is the "constitution" of your business and should be designed to change dynamically if need be.

With that being said, no need to go crazy. The simpler the better. If you DM me, I will happily share a simple OM.