mojavesue
Recycles dryer sheets
Well, you didn't ask for advice on this but I'll offer some anyway: Mixing business and family is fraught. There is a huge variety of situations where business issues can destroy family relationships. Examples: The apartment business has negative cash flow for some reason, possibly uninsured losses. One or more family members is unable or unwilling to come up with their share of the cash assessment. One or more family members strongly disagree with decisions made by the managing partner. One or more family members want "out" and insist that the building(s) must be sold. One family member has a financial emergency, possibly the member's death, divorce or bankruptcy, and insists on getting bought out of their share. Family members strongly disagree on the building(s) valuation in connection with a sale or a single member buyout. ... The list goes on and on. All of these scenarios can be handled with a well-written partnership agreement, but no agreement can prevent consequent hard feelings from damaging family relationships. Goodwill and consensus is guaranteed at the beginning of the effort, but not for longer than that.
What he said ^^^