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How to structure a Joint Venture property development

I want to do a joint venture to build 4 4plexes. I've been offered a 33% stake. I dont want to get taken advantage of.

How do we structure the joint LLC? I dont really understand this part of it yet as ive worked for myself, never with partners.

Do i hire an attorney and let them figure it out?

One of the deals requires me to invest upwards of 150k out of pocket for permits and such before work even begins. Its a lot of money to put into an LLC that im a 33 percent owner of, especially as i dont even own the land myself, the other owner does.

When we form the LLC, does the land get put in it, and suddenly i own 33% of the land even if im not on title? Does the land get sold to the LLC?

Any advice is great. Im struggling trying to find mentorship, answers, etc.

submitted by /u/DryptoDurrency
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source https://www.reddit.com/r/RealEstate/comments/1nnfb9p/how_to_structure_a_joint_venture_property/
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