First out of state flip!

[Jared Elms]

First of all I’m a newbie and I’m ready to do an out of state flip. I live in California and bought my first buy and hold recently outside of Birmingham Al. All is well there, but now I’m wanting to do a flip in the Birmingham area. I have a close friend there that is a contractor and I’m thinking of partnering with him on a flip. I’ve been searching the market there and will be flying there soon but I’m curious how I should finance this project. Should I put 20% down on a home 100k or less or get more creative with the financing? How should I structure a partnership with my contractor friend so he has skin in the game and will possibly be handling majority of the flip and I’m essentially just purchasing property and possibly giving money for renovations. Any help would be appreciated and look forward to great feedback and possible networking.

Thanks in advance BP friends,

Jared

Jared Elms