?Joint Venture on a Construction Project with no sale intended.

[Annunciata R.]

I just received a letter in the post from someone offering to purchase a 1 acre lot I purchased in Hollywood Hills last year. As I am not interested in selling Im happy they also offered, as an alternative, to enter into a JV as they own an additional acre adjacent to the lot. I searched details on the company and they seem to have been in residential construction for over 10years. Turnover is $2M with <10 Staff.

Do any developers on here know what is the best way to structure the JV as we both on 1 acre each. He has the Know How and I dont but I am willing to be present and have a role on the project as I would like to learn as much as possible. Never done a JV ever. The key thing is that I have no intention of selling the end product if anything I would be keen to purchase the remaining part of the development on completion as I am a buy and hold person.

Thank you in advance for any guidance as I am pretty exited about the idea of doing my first ground up development.