Questions about adding a money partner - Joint Venture

[Chris T.]

I have a hard money lender in place already but haven't had the cash to go out an start buying. Especially considering listed properties take $1,500 deposits and rehab costs come out of pocket.

I have a money partner now who will put up all the cash for rehabs, holding costs, closing costs, deposits etc.... I will provide the deals and the financing.

My partner will recoup his cash on sale and we will split remaining profit 50/50.

What is the best way to setup this business model? Our exit strategy will primarily be carrying the note but we will also wholesale and retail some.

FYI - I'm going through a divorce.