Advice on partnership potential first deal.

[Benjamin Cowles]

A friend of mine has left an offer with a realtor, one I agreed to take part in as her partner if it were to be accepted since she wouldn't have the 20% cash to get the 80% HML. If this works out how should we go about this?

What kind of business entity should we create? This will be for a flip.

Will a title co. be sufficient or should I insist on a reputable RE attorney?

What situations should we be looking to prepare for before we discuss them with a pro like death/incapacitation, or one party decides they want to do something other than a flip etc.?

We both probably would plan on doing it 50/50 in which case shouldn't we get the HML jointly under our business entity?

How should I charge her for half the 20% cash I put down for her? Treat it like a separate private loan or work it into the partnership agreement somehow?

Lil background: I'd like to take part in the profits and experience in my first deal and she'd like the financial assistance to take advantage of this potentially lucrative deal(ARV +/-560k max offer 420k rehab 40-50k not the biggest for you veterans but room enough for a couple hungry newbs). Not her first but she's still relatively new. Neither of us have much experience but have networked with a lot of local experts through weekly meetings/activities and have accumulated a good list of professional contacts and are confident in moving forward should her offer get accepted.

Excuse any misconceptions I may have displayed as I'm still pretty green here. Thanks!