Help me structure a fair deal

[Jacob A.]

Trying to figure out the best way to go about this…

I have a property under contract. It’s a dilapidated house that’s too far gone. It’s 100% a tear down. I’m thinking of partnering with my uncle who’s a GC.

Should I buy the lot by myself, and split the building costs? Should I ask him to front the building costs until we close? Should we buy the lot together and split everything 50/50? This 50/50 scenario does sound like it’s the cleanest way to do it and I’m not opposed to it. I just haven’t thought about it until now. Thinking about holding costs, and accounting at the end of the year, etc. i certainly don’t want to be in a position where I split everything down the middle but get stuck holding the bag on taxes.

I’m liquid enough to handle it all on my own. I’m just not sure I want to. I’d like to present it as fair as possible, but at the same time this is a property that I prospected for over the course of 6 years. (For once my follow-up game was on point.)

I’ve done a few flips before with partners but we’ve bought them together and sold them together. I’ve never done a new build and never really had a scenario where I was in a position to buy it on my own.

Just looking for some advice/suggestions on best way to go about this.