How Would You Structure This Partnership?

[Ryan Whitelaw]

I've been appraising real estate for over 15 years.  I analyze residential and commercial real estate everyday and would like to think I'm pretty good at it.   What I am not good at is hands-on construction work.  I have a few acquaintances that are local contractors that I want to approach for a potential partnership on some value-add plays, but not quite sure how to structure the deal.  I would locate the deals, they would facilitate the rehab.  I'm sure this has been done a zillion times before.  Any advice on how to best structure these deals would be greatly appreciated.