funding partner contract

[Shequann Burrwell]

I finally found a funding partner to fund flips with me. In regards to a contract between the 2 of us what should it state and is there a length requirement. I'm looking for something simple so both sides understand what's expected of both of us.

[Martin Scherer]

It's good that you are asking this now. Once you start each parties expectations may change. You need to spell what are the expectations of each partner. Does he have any say in the construction material choices or do you have the ability to demand more money when (not if) expenses go over budget. Does that overage come out of your pocket or his? Is the time frame reasonable ? What decides the asking price? What if one of you has bigger expectations regarding profit or loss than the other/ Just throwing a few thoughts out of you to think about. Past experience is a great teacher. Talk a lot before you go to the attorney so you save expenses by kn owing what you want. OH and one more very important considerations does either of you have a spouse and are they part of the team? That can get very hairy if one's spouse jumps in the mix as the projects progresses. Good luck with your project.