First Real Estate Deal- Need advice

[Chris Broussard]

My partner and I are about to close on our first deal.

As it stands now:

The house is in hurricane country and currently not liveable.

The plan is for me to pay cash for the home and materials to get it in rentable condition.

My partner has the know how to rehab the property, and will perform the labor (along with his crew).

We are trying to figure out reach an equitable positions.

We discussed paying him 25 dollars per hour for his labor / supervision. This will go towards his equity in the house.

With this limited info...does this make sense?

Thanks
Chris

[Jeffrey K.]

Get a bunch of bids and you should base his pay on that. Does he do quality work?