When it comes to investing in real estate, it’s very common to seek out partners to share in the investment. Whether those partners are friends, family or strangers; there are simple steps that can be taken to address concerns before they arise. One of the simplest methods is consulting with an attorney and documenting the investment relationship into an agreement. This article does a great job of pointing out potential pitfalls. In summary, the right agreement can address 1) expectations (responsibilities between all of the owners), 2) cost-sharing and repair thresholds, and 3) methods for an owner selling their interest.
Remember, an agreement has the potential to not only save your business interest, but also your relationships.
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