Questions on Sweat Equity deal ?

[Harry Hylan]

I have a friend with a 2 family home here in NY and they are struggling not only with the mortgage or bills but with upkeep and improvements. I have entered into an (verbal agreement ) That I will receive aprox. $2400.00 upon turning the rental apartment and $300.00 per month as long as the apartment stays rented and I handle any maintenance issues with the property. as well as 3 projects 1. new roof 2. new siding 3. finish the basement. They have been a good friend and very trustworthy and I am not worried as far as payment. However they are not in the best of health and should something happen I don't want to rely on the good will of her immediate family. any suggestions on how to protect myself. I'm looking at $300.00 per month less vacancies plus the owner pay for all materials and any helpers I may need. I appreciate any advice the BP universe may have. Thanks in advance