How a Real Estate Business Hired a Lawyer to Draft a Real Estate Investment Agreement in Texas

In 2023, a business in Texas sought assistance with drafting an operating agreement for their LLC, which involves three members and will focus on real estate investments, including buying, holding, and flipping properties. The client required a comprehensive document that would outline membership fees tied to property deals and include provisions for decision-making authority regarding repairs. Additionally, there was a need for clauses related to payment timelines and future options for members concerning potential 1031 exchanges. As a result, the client received nine proposals from licensed lawyers, with flat fee bids ranging from $0.01 to $2,500, all submitted to meet the requested deadline of one week.