How to structure a 3 way partnership?

[Jacob Rogers]

Hello friends! Myself and two of my current co-workers are highly considering quitting our jobs by the end of the fall and starting our own BRRRR business. I was wondering if anyone had any information on how to structure a 3 way partnership.

A little bit about me. I have been investing for a couple years now and have 4 units. I am very much a get it done type of guy, going head first into my properties.

Partner 1 has also been investing for a few years and has done one flip and has a rental property as well. He is very analytical and more of a spreadsheets type of guy. He also does well with project managing.

Partner 2 is similar to partner 1 in that he likes to really think things through, but probably takes action a little faster than partner 1. He has never invested in real estate before but he is a smart guy that loves having processes in place and loves implementing them. He isn’t really in the position at the moment to buy investment properties but myself and partner 1 see the value in having him on our team. So at this point he may be more of an employee but we’d like to work him into being a partner.

We are totally in the beginning stages of this. Our thoughts are to brrrr our properties. But being that we would be self employed, how would we get loans? Should we look into a business loan? Hard money?

Should we flip instead of BRRRR?

Going off of the personality traits I gave, where do you think each of us would thrive?

How do you structure a 3 way or even a 2 way partnership?