what info is available about two indivuduals using a partnership
agreement to buy a single family dwelling for investment?
Specifically, what are the pros and cons of a partnership as an
ownership vehicle for a single family dwelling?

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Request for Question Clarification by zrica-ga on 25 Apr 2002 08:23 PDT

Marty, where are you? And where are you considering buying property?

Hello, Marty. You and your business partner may need to contact an
attorney and a tax advisor for advice on forming a partnership, but
here are some resources to get you started.

Nolo Press has a plethora of information on partnerships, including
types of partnerships, liability, and tax implications:

http://www.nolo.com/lawcenter/index.cfm/catID/19B45DBF-E85F-4A3D-950E3E07E32851A7/subcatid/DA9428C8-2E99-47F2-A24C1190FE5F24E7/crumb/5DE04E60-45BB-4108-8D757E247F35B8AB

Business Week Online Small Business has an online version of The
Upstart Small Business Legal Guide. It also has great background
information and links to forms.

http://businessweek.findlaw.com/sblg/index.html

The Upstart Small Business Legal Guide, Second Edition: How to
Understand Legal Issues and Protect Your Small Business, Complete with
Forms by Robert Friedman. Dearborn Trade (February 1998).

And more specific information on partnerships
http://businessweek.findlaw.com/sblg/SBLGCHP3_b.html

An article from AllBusiness.com discusses partnership pros and cons.
They can be summarized as follows:

Pros: easy to set up
         fairly easy tax filing, no double taxation
         flexible business structure
         partnership is a transferable asset

Cons:  business-related acts of one partner legally bind all other
partners
            all partners are personally liable for all business debts
and potential lawsuits
            partners are limited in their ability to raise money

All Business How-to The Pros and Cons of Partnerships
http://www.allbusiness.com/cmt/information/general.jsp?fname=139

BusinessTown also has a pro and con list:
http://www.businesstown.com/gettingstarted/structure-partnershipprocon.asp

with information from:
Adams Streetwise Small Business Start-Up : Your Comprehensive Guide to
Starting and Managing a Business by Bob Adams. Adams Streetwise,
(April 1996).

A partnership can purchase income property. Mortgage companies will
still look at individual assets to determine financing, but the
partnership business certificate may be a good way to formally
establish allocation of profits and losses, how disagreements will be
resolved, what happens in the event of a partner's death, and other
details related to the property.

Business Week Real Estate Strategies
http://businessweek.findlaw.com/sblg/SBLGCHP14.html

Search terms
small business
real estate
business partnership pros cons

://www.google.com/search?q=small+business
://www.google.com/search?q=real+estate
://www.google.com/search?q=business+partnership+pros+cons

Good luck with your investment,

Zrica