Partnership considerations for notes

[Sarah Dawson]

I would love to hear some thoughts on a potential partnership with a note.

I have a potential PN to purchase for 80k on an UPB of 112k. This is a duplex that would rent for 600 per side and current value 117k.

It’s close to me and I have driven by the property. It looks to be a solid investment to me.

I am considering a partnership to start with my first note. I would be 50/50 with a friend who is a RE novice. My husband and I have 18 doors in our area and have a PM for most and self manage a few. We have owned property for about 20 years and have some experience.

I would want a formal partnership agreement drawn up by an attorney. I am not sure if I can find one in my area that understands notes.

What would you be sure to include in an agreement?

Thanks in advance for any advice!!