First investment. How do I protect everyone?

[Eric S.]

Hi BPer's,

So I'm attempting to take on my first investment (fix and flip). I have 2 other partners on this project. 1 of which is my current business partner in our renovations company. The other is an investor I found online.

Our plan is as follows:

I am also a realtor and will be finding the deal as well as selling it. I'm also doing the renovations and funding it.

My business partner is doing the renovations with me and funding it as well.

The investor is getting the mortgage.

I just bought my first home and am not able to get another mortgage which is why I found the investor.

My fiancé will not allow me to be on title for the investment property because she is worried we could lose our home if things go wrong.

The investor is totally fine with taking all responsibility with the property and being the sole guarantor.

So I'm looking for a way for all of us to ensure we have some sort of ownership of the home with only the investor being the guarantor so my fiancé would be at peace with this.

I am considering incorporating and having us 3 as directors but only the investor as the sole shareholder.

Does this seem correct? Please give me some advice so I can get my fiancé on board with this.

I'd also like to mention I'm in Toronto, Canada. So our laws may be a bit different.

I c

[Account Closed]

3 partners on a flip? Hard pass.