For this reason, general partnerships are usually in exisiting buildings -- often run down developments where residents have put up with decades of decline.
Each partnership is different, but usually there is an initial period where the developer is in charge -- during rehab, and subsequent rentup. There is a training period, after which the residents assume more control. In some cases majority control, in some cases not. There are usually some issues that are always in the developer's domain -- typically anything that has to do with cash outlays or guarantees from the developer. There are also some issues that are always in the residents domain -- management selection, rules and regulations, etc.
There is no blueprint for general partnerships. Each one is dictated by the requirements of the specific development and the needs of each party.
Partnerships in Massachusetts
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