Partnership using partners HELOC

[Nick Monge]

Hey BP!

I own one quad, and two SF at the moment.. I also have two under contract. I have a firm grasp on buying properties on my own but recently I've met with a potential partner.. He has a 400k HELOC ready to use..

Question: What is the best way to structure this?? Do we just form an LLC and fill out in the operation agreement that it will be a 50/50 partnership?

We will be strictly using his HELOC to do flips. We agreed to use his funds while I use my team (already local) to manage the rehabs and the re-selling of the properties we purchase..

If you're experienced in this area, please give me some solid advice on how to go about this, I want to move now!!

Thanks in advance!!!