How do I partner on a property through someone else's LLC.?.?.

[Ethan Ducharme]

My friend and I are planning on partnering on a four plex in the coming weeks. He is a relatively experienced investor, myself new, and his friend who has the LLC more experienced as well. I am looking for suggestions on how this deal should be structured in terms on a partnership, how that works, and if its possible to go through someone else's LLC?

In terms of partnering I'm trying to do my due diligence as I don't fully know the legal process and what that looks like on paper. Should we try and go through someone else's LLC or is that even possible? If so what does that process look like?

Thanks!

[Steven Hamilton II]

It should be a new LLC Partnership between all of you individual partners. If you cannot all afford to do that bit of protection away from HIS other liabilities and properties than I wouldn't do the deal. The real statement is you can't afford not to. It does not cost thousands. Start with a boiler plate agreement customize it together from there. Then you register in the state that the investment is in.

The filing Fee is about $75. The cost to have an attorney draft an agreement may only be a few hundred. Have a meeting and everyone discuss what they want covered.