My spouse and I didn’t learn our lesson here and took on a second partner in a real estate/restaurant operation and ended up again having to have legal action to sever the partnership when it failed.

However, structuring this in a way that complies with tax law would likely require expert legal and tax guidance, as it involves partnership agreements and IRS regulations.

Analyze deals like a pro using the 1% rule and understand operating expenses before making an offer.

In the middle of buying out partner (50:50 partnership) in a mixed-use owner operated Gas station and real estate property.

I’d reccomend figuring out value of your time and then thinking about much time it’ll take you from an operations perspective and divy out % that way.

@Jennifer Taylor First  answer this: Do you currently operate your properties with all proper permits and licenses?

Penalties for failure to timely comply are $500 fine PER DAY and potentially jail time.   

.- Tech-Driven Operations – Using property management software for things like rent collection, maintenance requests, and communication has made everything smoother and saved a ton of time.- Curb Appeal & Upkeep – First impressions matter!

We operate a small retail business out of commercial space in the building with the 4 residential units, which pays me a W2 salary and my wife has a part time W2 job at a vet clinic. 

I'm pretty new to real estate investing and have been using a manual texting app that just recently starting blocking me, so I'm looking for something more automated that knows how to circumvent / comply with the latest laws, without having to worry about downtime potential.