The scenario is me and 3 of my friends are looking to take the leap into real estate investing. We plan on buying a SFH with owner occupied financing and live there ourselves for at least the first year until we get our first renters lined up and then we would move out. We have done all the necessary research on the financial side and have agreed on each persons equal buy in to get started. The questions we have is from the contract side. We know we need a contract but what we are looking for is advice on what we need in the contract in regards to buy outs, and other things we need to consider. We are meeting with lawyer soon to discuss this as well but want to be as prepared as possible with either questions to have for him or ideas to include in our contract. Any ideas or suggestions on how to make this work best is very much appreciated.
We all understand that investing with friends is highly discouraged but want to anyway. We have lived together for the past three years and trust each other along with the fact we all have steady incomes and other savings that should the worst case scenarios happen it would not be the end of the world and with four of us splitting then costs the risk is less besides from the obvious risk of going into business with friends. There is a possibility that it ends up being only three of us but the questions from above would still apply.
Thank you for any and all help.
