All Forum Posts by: Alex Long

 @Tyler Fontaine

Thank you very much for your thorough answer. There seems to be a consensus that I should have a real estate attorney draft the operating agreement. This will definitely be money well spent. I will look for an attorney ASAP. And I appreciate you sharing your example.

Alright, I see some fantastic replies here! Thank you all for your help. 

This will be my first and my parents first rental property. Obviously, we are trying to keep costs low. I am hoping that I do not need to pay a bookkeeper over $100 each month as that would significantly reduce the cash flow. For one small duplex, I believe I should be able to keep the books organized. But I will definitely hire a bookkeeper when I have more than 1 property.

I will get in contact with an attorney to help draft the partnership agreement.

Hello BP community, new investor here, I recently found a rental property that produces a great CoC return. Turnkey Duplex already producing cash flow at current rents. After running the numbers by my parents, they hopped on board. They are willing to cover half of the down payment and we plan to structure everything 50/50. (Equity and Cash Flow/Profits)

My issue: I need a partner to cover half of the down payment (Parents) & I need their help getting the loan. Best case scenario, I am able to put the loan in one of my parents names so that I do not have to carry the debt. It would rock my debt to income ratio as I already have a good amount of student loan debt.

Having my parents as partners seems to be the perfect partnership for me at the moment since I am unable to secure a loan and I do not have enough money for the full down payment. (Parents can definitely secure a loan for this amount)

My Question: Who should I speak with when trying to structure a partnership? (CPA, Attorney?) What formalities should I take? How long does the process take? How costly is this process?

(I have watched some of the BP videos about partnerships)