How to Approach Possible Partnership?

[Aaron Phillips]

Hello BP,

I have been actively speaking with a guy regarding Real Estate Investing, Fix & Flip to be more accurate. There is a few road blocks that is preventing this partnership from happening and I was hoping someone with the same experience can point me in the right direction.

1. I have never had the opportunity to partner up with someone before. For the past couple years I’ve been focusing on gaining as much Real Estate knowledge as I can while I financially prepare myself to start investing myself.

The guy who wants to partner with me basically wants to use my knowledge while he uses his funding. He brings the capital I bring what I’ve been studying up on. While this can open a lot of doors for me, how would I discuss the terms of this partnership?

2. This said partner has the slightest REI knowledge. He isn't someone who has spent time into learning how to actively invest in deals. Ultimately he wants to sit back and just be an investor in it. Is this someone worth partnering up with since essentially the only thing he brings to the table is the funding part?

From my understanding I am the one who has to handle ultimately everything and he just wants to see what type of profits he can make per flip.

How exactly should I set the terms of this partnership & how can I make this fair for both parties?