Making Cash offers and rehabbing with money partner

[Ian Clayton]

I'm going to start doing buy/rehab/sell deals with a money partner. We'll be 50/50 profits and losses. The purchase and rehab will be funded 100% from his money. I will be doing all of the finding and project management.

1) I'm trying to figure out the best way to make cash offers that require proof of funds and earnest money checks without having a joint bank account. I'll be making a lot of offers.

I don't think that we want to form a new joint entity yet. We want to keep it simple and inexpensive for now to do business together. He trusts me enough to just have a joint account, but I'm a bit uncomfortable that it doesn't offer him any protection.

Should I just put both our businesses on the offer and the proof of funds would just be from his business?

2) I also need to figure out what the best way is for me to handle all of the financial transactions on the ground of the rehab projects. e.g. buying supplies, paying contractors and misc expenses.

Thanks for your input.

Ian