fishin, thanks, that is how I was leaning on the expense side but it's good to hear someone else corroborate it. Fair market rates would certainly be key, and I think we could gauge that fairly enough.
walt, yes - partnership in general has some messy connotations, for good reason. Thanks. A couple thoughts going through my mind are:
- We are starting small. Just one property, let's see how it goes, give ourselves a way out if someone gets cold feet or wants to head elsewhere.
- one reason we are partnering is limited funds - I could possibly finance a simple SFH on my own but probably not a triplex without outside investors.
- another is that our skillsets seem somewhat balanced between realtor, tech, business, and construction, so if we complement well it should be a net gain.
- for me personally, on my own it'd be easy to just dump into stock ETFs / REITs instead. I get overwhelmed with paperwork and other such drudgery on my own and don't always *start* something well. However, when motivated by others i.e. having a goal with someone else and being accountable to that goal, it gives momentum to get this first project under our belt and see where it takes us. If that is super stupid, I don't mind hearing someone's opinion as such. If it's risky with a few specific areas of caution, those especially are what I'm hoping to hear from you guys, so we can think it through properly!