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:
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?