Rob/Sherry,We discussed an LLC but it seemed like it was an unnecessary partnership that could be better served in a JV agreement and a note.

You can find many stories on the BP boards about partnerships that went south!

I am not allowed to pick colors in our partnership.

It seems that the property was foreclosed, then sold twice, ending up belonging to a Limited Partnership that does not have a real address??

You may may want to look into a LLP or Limited Liability Partnership for this.

They key is to make sure that the family is exchanging into a direct interest in real estate and NOT an interest in a partnership.

Has anyone set up a partnership that raises money with a real estate broker where there was a conflict of interest about how to price investor money to procure property?

B. if you do a partnership 50/50 for the house how do I protect myself from any problems that may happen in our relationship in the future?

I would also require the partner to come with an extra $3000-$5000 at closing to put into an escrow account for those emergencies (tenants destroy stuff, etc), as a hedge against a ruined partnership the first time something major comes up.

As a new investor (only have 2 rentals/fix & holds under my belt) and my credit not being good enough to get conventional financing for investment properties (no foreclosure or bankruptcies & I'm working on re...