Need FL investment contract help for off market property

[Wryland Reed]

I have been door knocking and found a property that isn't on the market that will sell to me for around $525,000. The house is 1,986 sq ft. There is a back garage that is a separate structure that is about 827 sq ft.

I have 3 potential investors.

Does anyone have experience in Florida real estate contracts to split a property into shares? Please respond here, I really need help getting a good contract, or advice on a contract

I have 3 potential investors ready to look at the project, 1 has 2 hotels, 1 partners in 3 other properties and is a builder and contractor. I understand these parties can help, but I need to bring a contract to the table for this project as a next step.

We can potentially build 2 air b & b units @ 120/night for say 20 nights a month (these are allowed and active in the area at that rate). Would the zoning need to be multifamily or mixed use, or what zoning designation? So 2 units here at $120/night x 20 nights = $4,800. we can build at about $85/sq ft. For 2 units at 500 sq ft eq = $85,000 cost

How can I determine if I can split the house into 4 units with seperate entrances in terms of zoning, and other city hurdles? There are air b & b and apartments in the same area. 4 units in the house could bring $120/night x say 20 nights = $9,600/mo. The structure looks very sound at first glance, and this would be potentially a $70,000 renovation on the house interior to split into 4 units with an exterior door entrance

**Expenses**
1. $525,000 home and property
2. $70,000 home renovation + $10k padding= $80,000
3. 2 unit build in back $85,000 + $10k padding = $95,000
=$700,000
$140,000 to raise at 20% down property and construction loan
Roughly $3,200/month loan payment
+other expenses such as marketing for rentala/mo
+taxes
+other



**Revenue**
1. If we can get 4 units out of front house = $9,600/mo
2. If we are able to build to back units = $4,800
=$14,400/mo TOTAL

The builder/general contractor partner can complete this in 3-4 months roughly based on his current projects.

I have several investors ready to look at a contract, and how shares will work that don't have experience in real estate investing but are open and interested in trying.

I am looking at a split of:
-2 shares for myself for finding the deal and managing the project, working on construction and managing ongoing rentals
-2 for hotel experienced partner for helping build and manage 6 units (has built 2 hotels, owns, and manages them in another country in a similar tourist environment, along with constructing 8 other rental properties)
-1 for local builder/general contractor/reql estate investor with experience in the city in the same area with 4 projects and air b&b rentals in the area, and good relationship with city for permits, building code, and construction workers, plumbers electricians, etc etc.
-selling 2 shares at $70,000 each for 1 or 2 investors
=7 shares. How does a contract specify the shares of revenue? Equal split of total revenue $14,400- 3,200 expenses-1000 marketing = / 7 shares  ($10,200/7=$1,457 each)

Please help if you can show experience in this area and possibly provide a sample contract, experience in this, and lessons learned, I can somehow repay you if I can use your contract draft to refine with an attorney!

I found this through door knocking and toured the house with the owners.

Thank you! This is my first post on Bigger Pockets. Going door knocking again today. Take action!!