Advice structuring a deal

[Jill St Jean]

Hello Big Pocketers,

I am seeking help structuring a deal that will be a JV with a friend of my partner and I, she desperately wants to get out of her house and she came to us because she knew we were rehabbing houses and asked for our help. A little history about us is we normally just buy properties based on asking price and we have never structured a deal like this.

Here's more about the deal:

She bought it 11 years ago for 225K;

She has roughly 40K in equity (Which I'm not sure how to use it);

The ARV is 250k but the comps are not updated so I'm assuming 265K (more due diligence to be done)

The construction budget is 35K 

• for a half bath update
• Kitchen
• hardwood flooring refinished
• Some asbestos on pipes in basement
• paint interior entirely
• driveway (rip and relay)
• garage door 
• backyard landscape
• and a few other not so major repairs

My question is, what's the best way to structure this deal. And please I'm looking for advice not to buy into someones program. Simply guidance.