There are usually two things a newbie can bring to a partnership.

If you had an equity agreement, technically, there should be a partnership return filed for this project...however, I have a feeling that one may not be filed.You should ask the local flipper if he is giving you some type of form to report on your taxesK-1 for the partnership or sometype of 1099 to record your income.

The good ones will also be more particular in choosing their clients and so it's more of a partnership instead of a payment for service.Out of the gate, you should be getting reviews from clients of the property management company.

I see people form partnerships all the time; some temporary, some permanent.

I see people form partnerships all the time; some temporary, some permanent.

Or... would you consider getting into joint ventures or other partnerships with limited partnerships that can be bought out so as to pay off original money backers and allow for less complications?

In general a multi-member LLC has to file a partnership tax return.If you have more than one multiple member LLC, you have to file multiple tax returns.

Side Note- I am seeking guidance along the lines of a JV partnership for my first few deals, if that sounds like you send me a message!

Side Note- I am seeking guidance along the lines of a JV partnership for my first few deals, if that sounds like you send me a message!

I would definitely recommend buying your own place to house hack first before entering any partnership.