How to structure a flipping business with a partner

[Tariq Balawi]

Hi, I would like to start flipping houses with my friend and his wife. I’m a busy professional and will be financing the flips. He’s going to handle the rehab and his wife will handle buying and selling the properties. I have two questions: 1) How do we structure the business fairly giving that I am fully financing the deals and my friend/his wife are doing all the work on the ground? What is a fair percentage of the profits for myself and for them? 2) How do I do a 1031 exchange after the flip with partners if are planning on using the profits in different way? I think they will use the thier share of profits for personal use while I want to use my share of the profits to invest in new rentals.