Rehab Partnership
So for I have only done projects myself through my own single-member LLC. I may be doing some projects in partnership with someone else and would like to know the best way to structure and document the relationship and the deals. Basically we are both busy people and will split the financial costs of the project and cover each other staying on top of the contractor and other details. So, I need to know how both of us would buy the properties together and how we would document our understanding.
Thanks!
Form a two-member LLC, and use an Operating Agreement that addresses who will do what and when, what will happen with profits, and what will happen if someone wants out.