How To Setup Foreclosure Buy/Sell Partnership??

[Lorenzo Baranos]

I'm an experienced foreclosure flipper but am getting older and slowing down. I've had two other foreclosure acquaintances ask me to partner with them (they have some money but I have the most). How would you set up such a partnership that protects all parties? Does anyone have a contract or agreement they would share? There's a lot of issues!
1) One person buys at sale and gets title alone, or partners put in equal amounts to buy with tenants in common title?
(If tenants in common and one dies, how do you deal with the heir?)
2) Who cleans, paints,and does fixup?
3) Who pays insurance, taxes, contractors?
4) Do we rent or flip? At what price?
5) What happens if one party does not perform as agreed?

Anyone experienced with this type of arrangement?

Thanks

[Mark Updegraff]

I haven't done it. But I don't see why purchasing with a LLC that has a clearly defined operating agreement wouldn't do the trick.