Join venture - Full Recourse

[Bradley Rombach]

I am (investor) looking at a deal that’s $600,000. To secure and renovate the property it’s $220,000. I, a very distant investor, will bring $220,000 to the table and the operator will do the entire project.

Here are the couple basic terms:

-the loan is full-recourse and we are BOTH on it

-everything will be split 50/50 between him (operator) and I (the investor).

I’ve never done a joint venture in the past. Are these reasonable terms: that I am also “on the hook” for the full recourse loan, and the 50/50 split?

Are there general operating agreements that outline these terms?