All Forum Posts by: Ronald Rohde

 Glad you guys are discussing it, who decides what route is more 'cautious'? It invites more debate and parsing vs. a 51% owner gets to determine the final say on all matters. You can also structure to 70-30 or 60-40 as well.

Disputes can cause gridlock and while defining specific events that require 1/2 partner consent is possible, it is time consuming and subject to disagreement. If you always require both partners to agree, what will you do when each has vehement ideas about selling property, performing major upgrades, etc.?

All good advice in this thread. I would also add that the LLC Agreement is crucial to defining rights and obligations. 50/50 isn't good for a lot of reasons, but I can explain more

Lawyers are all driven by local markets, you can always shop around because one quote should never be the only quote. FWIW, I'm a one man (lawyer) shop and charge $300/hour with many flat fee packages because I'm very familiar with the scope of work...

How many HML have you approached? You should get a spread based on perceived riskiness/percent down, etc.

In my experience, yes, you can do the bottom scenario. personally guarantee the new loan to LLC borrower, and cash out equity. Why not just do that with your first bank instead of paying it off at all?

 Hi Ray, yes I have worked with some very good securities attorneys. PM me and I can share

All relevant jurisdictions should be considered. SEC is one regulatory body, but states have their own securities laws as well.

The firms that do this on a large scale will generally offer contingency fee only.

 Agree with the first part, but its also introducing a completely different issue of "financial stakeholders" vs. consumers. I think thats a fairly friendly issue as well.