Teaming up with Experienced Flipper

[Gregory Flores, Jr.]

Hi everyone.

I've recently connected with a flipper operating with 3-4 investors over the last 28 years within my local market. The starting plan is to learn the business by bringing the financing while he handles finding the property with his proprietary deal funnel, rehab management, and sale of the property.

Myself, my fiancé, and a partner would be teaming up with him to learn the business over our first few flips together, with the goal of taking work off of his plate and continuing to manage the business with his daughter, whom currently manages the sale process.

The next steps are to create an LLC, draft and review LLC partnership docs with an attorney, get some family/private money into an LLC bank account, possibly get hard money lined up to leverage the family/private money, and then go to our flipping "mentor" to begin our first flip, as he's doing analysis on off-market deals everyday.

Any guidance from the community on what to look out for as I set up this LLC with my fiancé and partner, how to handle the relationship with this flipping mentor, and anything else I should heed as I begin reaching out to private/family/hard money lenders would be appreciated. Any other suggestions for rehab and flip lenders would be great as well!

Thank you!