My husband is considering a property venture with a friend. Our friend is a builder/handy man, who would not be able to get a loan from the bank. My husband earns good money, and already has one rental property, and will be able to get the bank to approve another mortgage (for a cheap-ish house). Our plan is to buy a house, have our handy-friend fix it up, sell it and then split any profits.
Can anyone advise me on how we should form this? Is it necessary or advisable to form a company? I assume that we could then claim back more expenses. Also we don't want to taint the rental property we already have.
Any suggestions would be much appreciated.
Thanks
Can anyone advise me on how we should form this? Is it necessary or advisable to form a company? I assume that we could then claim back more expenses. Also we don't want to taint the rental property we already have.
Any suggestions would be much appreciated.
Thanks
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