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Landlording on AutoPilot, 2nd Edition by Mike Butler

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CHAPTER 20Your New “Pain-in-the-Butt” Business Partner

You have always had Uncle Sam as your business partner. The Internal Revenue Service, aka the IRS.

If you got married and had a business, your spouse probably ended up as your business partner.

Both of these partners can be hairy at times. FYI, I recommend to avoid getting “partners” in a business venture. Many times, I have seen great friends for more than 20 years go in together as partners in a business only to see it fall apart, ruin their friendship, and they never talk to each other again. This sucks big time.

I can give you permission to have a partner on very short-term deals. Such as a buying a fixer-upper and selling it within a month or two.

Long-term partnerships are always fine when they get started. But life happens and people will change their priorities in life, especially when it involves their immediate family members—Mom, Dad, kids, grandkids, brothers, and sisters. These kinds of long-term partnerships usually crash and burn because one partner believes they are carrying most of the weight, doing the work and having to split the profits with a partner who is not holding up their end of their partnership.

Coming to a town near you, if not already. Drum roll please…

Your new “Pain in the Butt Partners” are your state and local governments! This includes HUD's Section 8 Program.

Here's what has been going on and will continue to happen. Bottom Line, they are on a mission to find money, to generate revenue ...

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