Ok here's the deal. I have rental experience and have managed rental property for around 6 years so far. I've dealt with everything from taking my tenants to court and dealing with evictions/marketing and showing my property.
I have a neighbor who is idle and wants to get into buying and flipping real estate into rentals. She and her husband wants to get into an agreement with me to buy houses and manage the repairs/leasing etc... So knows enough that a company needs to be created and we need to be employees/partners within the business. So this is what I"m thinking.
1. Create a company/LLC registered entity.
2. Create an article or incorporation/organization and outline myself/husband/wife as equal partners. Describe equal costs among the partners for the purchase of property as well as who manages the rental.
Of course there are multiple tiny things (i.e. tax accounts, ein)
Just curious is this the best way to go about this.
I have a neighbor who is idle and wants to get into buying and flipping real estate into rentals. She and her husband wants to get into an agreement with me to buy houses and manage the repairs/leasing etc... So knows enough that a company needs to be created and we need to be employees/partners within the business. So this is what I"m thinking.
1. Create a company/LLC registered entity.
2. Create an article or incorporation/organization and outline myself/husband/wife as equal partners. Describe equal costs among the partners for the purchase of property as well as who manages the rental.
Of course there are multiple tiny things (i.e. tax accounts, ein)
Just curious is this the best way to go about this.
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