Partnership implications and guidelines?

[John Voychick]

I will be getting into my first sfr in florida this year.  We live in California and have decided to split profits 60/40 as I will do most ofthe work. 

I don't know where to start when it comes to structuring a contract for a buy,  renovate, sell in a year. 

Does anyone have any suggestions where to start?

[Jeffrey Holst]

I think if you are going to have a partnership you should definetly have outside legal advice on the structure. Typically what I have seen is people come in with a list of the key partnership points and then have an attorney draft the agreement for them. Id consider an LLC or some corporate form as well. A decent attorney should be able to advise you on the same.