Treat it like a legitimate business partnership.

Syndication is more like a partnership on a specific deal.

My idea is to create a sort of partnership with homeowner.

There are other avenues worth exploring, but it may come in the form of a partnership.

I know many of my partnerships I do today are with clients I sold something to 10 to 30 years ago..

So it is a general business partnership, you are taking much more risk than your 50/50 partner. but it is your dad so i guess it is different story.Talk to your lawyer and explain in details how you split your profit, asset, and debt.

It can trigger gain if the partner's outside basis in the partnership is less than distribution.

@Dj Larsen @Michelle Wong  @Kris MarmolIf you folks come up with a time and place in Coco County it would be great to meetup and talk, share ideas and network.I went to a meetup at a church in Walnut Creek a couple of weeks ago that had about 20 people there....in the meetup it said they will teach you how to invest out of state with 9-14% returns.....turns out it was a pitch for a turnkey company that is based locally that has a partnership in Cleveland.

@Brian Babbagebased on your profile you want to have a CPA that specializes in individual taxation, real estate taxation and partnership taxation.You also want an accountant who is familiar with filing of non-resident tax returns as you may have to file in KY, and NC.There are about 20 CPA's who actively participate on the message board and frequently provide value to the members by responding to tax questions/concerns.Feel free to connect with a couple and go with the one you feel most comfortable with.

Hi Experts,I'm just getting started having done one successful buy, rehab, rent and would love your thoughts on if this is a solid partnership going forward.