Off market deal question

[Ken Nyczaj]

I've been in discussion with an owner and I'm trying to create the deal like this, and he seems to be ok with it. Just curious if anyone has tried this before:

House is owned free and clear, the two owners/ brothers are willing to put my company on the deed/ title. All of us will own 25% of the property.

All of us are responsible for the renovation costs, but my company will do the actual renovation. We'll get the bank to loan on 80% of the reno costs which will be about $64,000 and we will all split the down payment 25% each.

Upon the sale of the house we will all get proceeds at 25% each after sale costs.

Just curious on what type of feedback anyone has and what to watch out for. Thank you