Hi Aidan, when you first started you can create your partnership agreement per deal depending on what your end goal is for the property. 

I invest out of state because at the time, I could not find anything that would meaningfully cashflow, plus a $150k deal was a LOT less scary than a $800k deal!

@Bridget HustonWelcome to the community and be ready for a huge amount of information at your finger tips.

It's a very competitive market there.I think your 203k approach will likely be a leg up in deal hunting as you'll be able to take on an investment that needs a bigger scope of work while others might be looking for a more standard value add situation.let's connect. i'd love to help however i can

Analyze deals, build your network, and educate yourself constantly.If you have access to unique resources (like a VA loan, FHA Loan, or 401K), use them to your advantage!

We may find a handful of deals this year. 

Purchase price: $85,000 Cash invested: $60,000 My initial strategy for this deal was to flip it and sell it, but the market was unfavorable so I opted for the BRRRR strtategy instead.

The deal finder2.

Since you're 6-12 months away from buying, use this time to build investor relationships, master deal analysis, and secure financing.

That said, what is not clear is whether your CPA prepares a partnership tax return for the deals where you guys partner up.