Partnering with a family member on flips
I am looking to do my first fix and flip with single family homes but have very little cash to bring to the deal. I have a family member in commercial real estate that I believe would be interested in partnering with me though he would have to finance nearly the entire deal (purchase and rehab). He has a background in new residential home construction so I think it would be a perfect way for me to 1) get the deal funded and 2) learn a lot in the process. My question is what would be the best way to approach him about a possible partnership? What facts/info should I be prepared to show as far as possible future deals or business plans? Basically, how should I prepare for our sit down meeting? I will be targeting REO properties in my area. I've been reading J Scott's book on flipping houses among many others. I've had my real estate license for almost a year and have been studying my local market. Thank you in advance for any advice.