Posted by Tim Pannabecker on December 22, 1998 at 15:20:00:
These attributes would represent what I would look for in a partner:
- Must know the person (to discern the following).
- Honesty (no nonsense, no litigation, no lies).
- Have Cash (discretionary/investment funds currently available).
- Have real estate experience/knowledge (this will help you, as you do not have this experience and it is good to have a “second set of eyes”).
- Both of you should have the same commitment, knowledge of risk involved, and complimentary goals.
Some of this may sound obvious, unimportant or unnecessary. But, I have seen many partnerships sour due to neglecting one or more of the above. This is just a partial list, get as much advice as you can. A partnership should be taken as seriously as a marrage, if you jump in with eyes closed it may be the biggest mistake of your life. If you do it right it can workout very nicely.
The best of luck in your search,