Structuring a Partnership

[Kenny Dahill]

As of today I've completed my first rental property rehab! The biggest lesson I learned was the need for a partner... A little about me: I'm a DIY real estate type wanting to use BRRR to acquire rentals. I bought my first home and did majority but still has to hire out a good portion. I learned that the labor cost was a large portion of my budget. My next renovation project, my first rental, I did everything except kitchen counters and then the backyard myself. Along the way I was fortunate and had a few friends who wanted to help, the most somebody helped was 4-5 times. I went a month over schedule, and nothing due to construction. I didn't put into my schedule any personal days and ended up missing 30+ out of 90! I learned I needed a partner. I have a guy in mind but I need to know how to structure a partnership. I want to own everything and pay for it all, but feel to get the same commitment of quality and cost that our deal should be performance based. His sole purpose will be to help me with the actual construction. My thought is this: give him the profit from the first X months of rent plus a base. That way he's also focused on lowering the mortgage, which will then help create more profit. I would appreciate any feedback and suggestions, or if you have a similar partnership.