Expert Needed - new family business - acquire ownership

[Laurie G.]

Hello Bigger Pockets Forum. I have been doing my best to soak all of this goodness in for months and I am beyond ready to take the plunge. There are many details that play a part, but in an attempt to oversimplify - I don’t know how to get started before this ship sails. Help please!?

My goal is to create a profitable real estate investment plan and form a business partnership with family member(s) to develop inherited properties vs. selling off. I would run the business side 100%. They co-own recently inherited properties with excellent investment potential, but have no desire to deal with everything it would take to develop. They are open to discussions and open to a buy out. I would like to present them with a comprehensive plan to develop these properties to turn into a worthwhile/profitable venture that can be a win for all. Is it possible to set up a business whereby I could gain partial ownership/buy out over time through the profit that is realized? What options are there?

If anyone is willing to pay it forward and point me in the direction of an expert who would be able to guide me through creative options for company structure, ownership, operating agreement, etc. based on our specific circumstances, I would be most grateful and delighted to return the favor in the future. :-)