It`s important to be smart when going into partnership and it`s also important to be legal with the partnership. Write everything down so that there is no question later. And if you do like me, where the name of the partner of the money is not on the house, make sure that this person, if something happens to you (death), has a way to get the house. You can perform this type of legal with an LLC or a legal real estate contract, etc. But do something. Ah, partnerships. The promise of finding another you who is willing to share the workload, money or both and is linked to the common ideals of your business and lifestyle. If only it were so simple, wasn`t it? The key here is to spell out every detail. Everything included. I`ve never heard partners complain about too much communication in a partnership. Remember that joint ventures are not supposed to be long-term agreements.
The workaround is that I create my own entity, my partner creates its own entity, and we all invest (through our entities) in a joint venture. . . .