Deciding on how to structure our wholesaling, flipping, and buy and hold business with family.

[Dominique Grayson]

Hello Everyone. I wanted to bring up a topic in a pretty busy forum that would get a lot of reach. Hear is the situation. My wife and I are fairly new to the real estate industry as a whole, specifically to real estate investing.  We are looking at starting our own business but where we are in life we feel more comfortable doing wholesale deals. Our parents have a flipping business that needs a complete revamping of administration and organization to get things rolling for them. After listening to a few podcast, I am wondering if we should partner with our parents or just guide them in the direction they should go and do the administration part? Should my wife and I have our own business and do joint ventures with our parents from time to time?

I worry about how a potential bad deal could effect our relationship considering we will also be in close living quarters with them (which can potentially get sticky) and I know what can happen when the in-laws clash (my mother lived with my wife and I for a little bit and that was a complete disaster). @Joshua Dorkin says he avoids doing deals with family because the issues bad deals can bring up.

I would love to hear both sides if possible. Do we have members who work with family and they make it work? what are things you guys do to help minimize issues.