[Dus10]

I am looking into getting an investment property this summer that is located near my college campus. The property is very inexpensive, and it is in a good neighborhood. As I am just getting my own home, I doubt I could get a mortgage for this. What I have considered is starting an LP, where I would be the managing partner, and anyone else would be a limited partner. I would be putting in 10%, and the ownership would be directly related to percentage invested. All parties would be entitled to to revenues in relative to their ownership interest. What I would also like to do is have a contract stating that I could buyout others ownership interest. Also, being that the managing partner is legally liable, I would have the managing partner be an LLC that I would own.

Does this sound feasible? Obviously, there would be expenses of home owners insurance, property taxes, and I would setup a reserve account from 5% of the revenues as well as hire a property management company to run things (so between 5-10% for that).

[mpnetwork]

Real estate is by no means my forte, but I do know a few of the investment properties my dad owns are through a Corporation along with a couple of other investors.

One of the investors manages the legal/financial aspect, and I would assume they have someone on contract to maintain the properties, although I dont know for sure on that one (I cant think of any of them that have the time though).

This article may or may not help on the partnership clause issue:
http://www.profitguide.com/growing/a...48_1296&page=1