@Theo HicksGood evening, private lenders, just reaching out trying to get good healthy habits

You lease should include a "joint and several liability" clause that essentially says each tenant is 100% responsible.

I appreciate healthy feedback so thank you, @heath ryanNo excuses made here...just looking for alternatives and seeing if i might be missing some avenues.  

I know his background and am thinking this could be a nice joint venture in the future. 

Cash flow is healthy, CAP rate is good. 

You could also joint venture with someone experienced as the money partner and learn the ropes that way by making an investment and following along as opposed to taking on a whole project by yourself the first time and all the inevitable pitfalls that come with it. 

If you are buying with a mortgage, then check with lenders beforehand to see if they allow the purchase as two LLCs with mortgage jointly under both of your names. 

We have a joint venture agreement that he will manage the renovation for a percentage of the profit.

Please consider:Looking to partner with 2 other individuals (no family connection whatsoever) on an 80 unit multifamily --  party A being my SDIRA LLCEach party will contribute 1/3 of the required funds and have 1/3 ownership---this is not a syndication but a partnershipBalance financed via non-recourse agency debt with one of the other partners being the Sponsor Property would be purchased under a separate LLC with equal ownership My contribution would be made not from me but from my IRA LLC  --  not sure if this would be a loan to the joint ownership LLC or my SDIRA would need to be on titleNormally a deal like this could and in this case would be structured with a couple of additional expense items:An acquisition fee and potentially a disposition fee upon sale say 1.5% to the individual putting the purchase or sale deal togetherAn asset management fee (this is not a property management fee but more of an administration / manage the manager fee)These fees typically go to a designated member and/or the person that puts the deal together (me) but technically I suppose it could go to another 3rd party -- it is not part of the asset value they are expenses So my questions:Can I be the designated person to oversee and collect these fees?

Joint ventures.....