I am in the process of partnering with another to purchase a mobile home park. I noticed in the library with forms that there are no samples for operating agreements. The LLC is easy but as far as setting up roles, are there any specifics that should be addressed?
Absolutely – you should address everything! Specifically, who decides when money should be distributed, how you decide when you need money, what to do in that case (a loan from partners?), what to do upon dissolution, what if the partners can’t agree, and many, many other things. You need a lawyer to help brainstorm all the things that can go wrong and write down what you want to do in that case – that’s what the agreement should cover.
+1 get an attorney
Also consider making one person in charge of operational decisions and including provisions to ensure you don’t end up in 3rd party arbitration with a 50/50 ownership model.