Real Estate Partnership Expectation
I am meeting with another invester about a possible partnership. He wants me to bring my expectations of him when we meet, but the only thing I can really think of is to partner and buy houses.. I researched partnerships and I know partners need to establish expectations, but since he is more experienced, I am just wondering what types of things that would be ok for me to expect from him. To put it simply, what is fair in a 50/50 partnership if we were going to acquire some duplex's?
thanks
Probably this post should be on another forum, as it really isn't a legal question.
But, so it doesn't breakdown into a legal squabble down the road, I'd urge you to get whatever the two of you agree upon, if a deal is made, in writing & signed.
Lawyers do well & make a good bit of money, dealing with other peoples' P'ships gone bad, which a high percentage do.
A lot of which legal fights could have been avoided by a decent written contract.
Although they're not my favorite business entities, they can work...but just get it in writing.