But were you my client, it is possible that after a thorough discussion we would jointly determine otherwise.

If you follow this scenario example, you do not need a joint LLC, partnership agreement, etc. 

Everyone is jointly and severally liable, so if rent is not paid in full, then the entire lease is in default.

This Friday I am closing on my second fourplex in the same neighborhood, this one as a joint venture.

As a scientist and engineer, I can tell you that to solve any problem you need to not listen to the sheep in front of you and start thinking on your own.Dissect the problem into its most primary, basic and simplistic components and then evaluate and trace, the underlying issue and solve it.The problem when the system is dissected all falls to finding motivated seller leads.You thus need to understand what a motivated seller lead is.A motivated seller is not someone that wants to sell their house.A motivated seller is not someone that needs to sell their house.It is not even someone that desperately falls on their knees begging you to buy their house.A motivated seller is someone willing to accept an offer below market value regardless of the reason.My point?

Im an investor looking to joint venture with wholesalers on their deals.

Example- a person with a limp or who uses a walker you cannot assume they need a ground floor unit and ask them what happened to your leg, why or you limping, did you just have knee surgery?

For 2018, they are:$24,000 for married joint-filing couples.$18,000 for heads of households.$12,000 for singles.This seemingly benign change can adversely affect vacation-home owners, because their allowable itemized deductions (including those for vacation home mortgage interest and property taxes) may not exceed their standard deduction amount for 2018-2025.And in Hawaii… Short term vacation rentals come with an additional tax burden of 10.25% in Hawaii, the Transient Accommodations Tax (TAT).

I have built a relationship with several possible le joint venture partners.

If you want lower risk you can lend to the partner and charge a below market rate and then have a joint venture agreement where you get a percentage of profits.