Setting Up a successful real estate partnership
As real estate partnerships begin, evolve and ultimately dissolve, far too many involved parties lose track of assets, allocations and debt. It is crucial to ensure proper record keeping when entering into or managing any type of partnership. When the real estate partnership ends, how should profits be divided? Who gets the remaining assets (i.e. cash or property)? These questions and more are sure to pop up if you aren’t properly managing your financial records. To ensure your real estate partnership is on the right path, there are some simple steps to take that can prevent uncertainty and in the worst case scenario, a day in court.