While not directly related to LMs, my parents did this back in the day with the hotel buisness. They owned/operated a hotel in AZ, but then partnered with some friends out in CA for the 2nd one. I don’t know the details of how it was structured, but their friends had a stake in the business…so they all sank/swim together on that CA hotel.

I think initially maybe look for finding a partner to work with you whom know already know. My brother-in-law keeps asking me to go in on a sandwitch franchise with him. Personally I’ve got no interest in a sandwitch shop so I keep turning him down. That being said, where I live, a good sandwitch shop would be welcome…seems like all we have in a 5mile radius is Mc-Ds, mom/pop pizza joints, and mom/pop Mexican food. Asked him to partner up with me on a decent sized LM but he’s got no interest in that direction. LOL.

I think its hard to start a partnership with a total stranger. I’m sure you could get lawyers and paperwork to setup something to protect all parties, but I presume it wouldn’t be cheap. The other thing is clearly articulating what is/isn’t the repsonsibility of the respective parties with operations, captial, etc.