A girlfriend (who was not a named joint tenant on title) would be entitled to zero in probate unless she was a named beneficiary in boyfriend's last will and testament.

A partnership (general or limited), multi-member/manager LLC, or even less formal joint venture are flexible in nature so you can allocate the sharing ratios (capital, profits and losses) any which way you agree upon and changes can be made based on facts and circumstances in any given year (ie - you make special allocations).  

These supports can fail and put stress on the pipes and joints andcould be damaged due to movement/contact that could potentially cause leaks.

Ask at the Pro Desk.Another way is to do a joint venture with someone who has flipped a bunch of propeties.

It's not worth the potential head ache not to.

The borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

All of the partners and myself have been going over the Joint Venture Basics - How To Structure the Agreement PDF, which has been tremendous help to answer difficult questions or questions we haven't thought about yet.

W2 (normal job working for someone else) income is not considered PASSIVE income.This is the beauty of the married filing jointly W2 worker and full-time real estate professional (spends 750 hours per year on real estate, no other full-time job, AND substantially/materially manages the passive income rentals) because our passive losses offset ACTIVE  income even from the spouse's W2.

I am looking for advise on how to write a deal with a friend.  I have the cash for the down payment and he has the credit.  We were thinking that I would re-coop my investment with the cash flow for the first 30months...

In the event that any capital is returned to a Member,such Member's Capital Contribution shall be adjusted to reflect suchreturn.1.06 - "CapitalInterest" shall mean an Interest that would give the Member ashare of the proceeds if the Limited Liability Company's assets weresold at fair market value and then the proceeds were distributed in acomplete liquidation of the Limited Liability Company.1.07 - "Code" shallmean the Internal Revenue Code of 1986, as amended from time to timeand any successor statute or subsequent codification orrecodification of the federal income tax laws of the United States.1.08 - "Deficit AccountBalance" shall have the meaning set forth in Section 5.05.1.09 - "Distribution"shall mean any distribution pursuant to Section 5.04 by the LimitedLiability Company of cash to the Members or any Distribution in Kind.1.10 - "Distribution inKind" shall have the meaning set forth in paragraph (b) ofSection 5.04.1.11 - "Interest"shall mean, in the case of any Member at any time, such Member'sshare of the profits and losses of the Limited Liability Company atsuch time and the right of such Member to receive distributions ofLimited Liability Company assets to which such Member may be entitledas provided in this Agreement and applicable law as represented bysuch Member's Capital Interest or Profits Interest.1.12- "Limited Liability Company" shall mean TestStorage, LLC,as such Limited Liability Company may from time to time beconstituted.1.13 - "Losses"shall mean the net loss of the Limited Liability Company for a givenreporting period.1.14 - "Manager"shall mean one or more Persons designated by the Members to managethe Limited Liability Company as provided in Section 6.01.1.15 - "Member"shall mean any Person who, at the time referenced, owns an Interestin the Limited Liability Company.1.16 - "Person"shall mean an individual, a partnership, a joint venture, acorporation, a limited liability company, a trust, an estate, anunincorporated organization or any other entity or a government orany department or agency thereof.1.17 - "Profits"shall mean the net income of the Limited Liability Company for agiven reporting period.1.18 - "ProfitsInterest" shall mean an Interest other than a Capital Interestwhich entitles the holder to a share of the Limited LiabilityCompany's profits.1.19 - "SubstitutedMember" shall have the meaning set forth in paragraph (a) ofSection 7.01.1.20 - "TreasuryRegulations" shall mean the regulations of the United StatesDepartment of the Treasury pertaining to the income tax, as from timeto time in force.1.21 - "Unit" shallmean the capital units issued by the Limited Liability Company to itsMembers in exchange for Capital Contributions, which represent theMember's Interest in the Company.1.22 - "Value"shall mean, with respect to any Distribution, if cash, the amount ofsuch cash, or if not cash, the value of such Distribution calculatedto paragraph (d) if Section 5.04.ARTICLE IISTRUCTURE OF THE LIMITEDLIABILITY COMPANY2.01- Formation.The parties to this Agreement have organized aLimited Liability Companyunder the provisions of the Act by delivering Certificates ofOrganization to the Secretary of State of the State of Iowa forfiling.