Real estate LLC operation agreement - Posted by charlie ho

Posted by Charlie Ho on August 01, 2004 at 16:29:31:

Thank you Marc. I value your advice very much

Real estate LLC operation agreement - Posted by charlie ho

Posted by charlie ho on May 22, 2004 at 01:21:33:

Hi all,
Would you please tell me where I can find a boiler plate for the Real Estate LLC operation agreement. I have a group of investors and I need to discuss all details before forming.

Re: Real estate LLC operation agreement - Posted by Geoff Johnson

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Use Bill Bronchick! - Posted by Marc in Portland

Posted by Marc in Portland on May 24, 2004 at 10:17:21:

No, no, don’t use a generic LLC operating agreement. Heck, those are free. Use It’s for a real estate-specific LLC, including the appropriate tax codes. I have used it successfully in several LLC’s, and my local attorney couldn’t find anything to add to it. But you can still make changes.

Tip: To avoid future disagreements between the partners, use a Manager-Managed LLC and you be the manager. You make all the decisions, and if your partners don’t like it, they can fire you. But that’s their ONLY option…everything else is your call. If they won’t agree, don’t do the deal.

Remember, tax-wise, once a partnership, always a partnership: You guys will pay capital gains tax if you don’t 1031 the property into another one, and another, and another. When you break up the partnership, you’ll pay tax.

Marc in Portland

Re: Real estate LLC operation agreement - Posted by Don Dion

Posted by Don Dion on May 23, 2004 at 24:02:03: