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jrob

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Posts: 2
Reply with quote  #1 

I'm about to embark in a real estate venture with my two brothers. All three of us would have equal ownership in a rental property. We get along just fine but want to set things as responsibly and thoroughly as possible to avoid any questions later on. Any chance someone has a similar situation? I'm trying to build out an operating agreement and include as much detail as possible:

 

ex.

 

What happens if one person wants out?

What happens in the case of divorce or death?

How we deal with owner out of pocket expenses.
What happens on a loss if we want out? etc..

 

 

How detailed should I get with this? I'm finding it difficult to draw the line on what is overkill and what is not. I want to include as much as possible. Is anyone in a similar situation?

 




MrFurrly

Registered:
Posts: 16
Reply with quote  #2 

So all three of you would own and occupy the home? Or all three own and rent to another party? Are your examples for the ownership relationship or rental relationship with your brothers?

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