6 April 2021 | 8 replies
He told me that we can't do that and that it is a partnership.In looking at the IRS definitions it states:PartnershipA partnership is the relationship between two or more persons who join to carry on a trade or business, with each person contributing money, property, labor, or skill and each expecting to share in the profits and losses of the business whether or not a formal partnership agreement is made.The term "partnership" includes a limited partnership, syndicate, group, pool, joint venture, or other unincorporated organization, through or by which any business, financial operation, or venture is carried on, that is not, within the meaning of the regulations under section 7701, a corporation, trust, estate, or sole proprietorship.A joint undertaking merely to share expenses is not a partnership.
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8 April 2018 | 1 reply
1) I'd start by looking at city-data.com and input the zip code2) I would Joint Venture with someone for the first couple of deals3) I'd skip number one and go directly to number two if I was serious
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7 March 2019 | 36 replies
When I got divorced last year that is what I did with the property we had previously owned jointly and I bought him out.
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16 February 2018 | 2 replies
As far as the joint venture, you can decide if you want to do a true joint venture, where you get a % of the deal for being an investor, or you can just get interest on your loan.
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30 January 2021 | 22 replies
I am currently stationed at Joint Base Charleston it would be phenomenal to possibly bounce ideas of one another and share knowledge.
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23 February 2018 | 3 replies
The courts would see right through that attempt.I'm also not sure if marriage implies joint ownership or not (marriage laws are crazy and vary, so just something to ask your attorney about).I second the usefulness of an umbrella policy as well as, of course, being aware of your local rental laws, requirements, and regulations.
27 February 2018 | 19 replies
Hi LorenzoI can help you sell the property if you want to do a joint venture with me.
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23 February 2018 | 0 replies
On my most recent purchase, I got 2 silent partners to come in, in a joint venture.
5 March 2018 | 3 replies
Going in I can pretty much tell which option will be worst case scenario but I like to run multiple scenarios for my joint ventures
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25 February 2018 | 1 reply
Hello Bigger Pockets community.I am looking for advice on how to setup a limited time joint partnership between 3 LLC's.