How to structure 50/50 partnership while using PM

[Taylor Shapiro]

Hello all,

I've raised enough private money to buy properties with the goal of rehabbing and reselling. Depending on the details of each house, interest on the PM will be anywhere from 8-12%.

I recently started a business that requires a majority of may attention during the day. With that said, I've met with another rehabber in my area (a member on the forum) to discuss possible partnerships on a deal-to-deal basis, barring proper due diligence on both of our parts. This individual has rehabbed over 20 houses in the past 2 years along with extensive experience in BPOs. The quality of his rehabs is excellent.

We discussed using the PM to fund our deals while we each have our agreed upon tasks to complete. Once the property sells, our investors are paid off and we split the profits 50/50.

Ultimately, our investors get their return, my partner would get $ to fund more deals, we are both compensated for the work we do, then onto the next one.

Before speaking with our attorneys, I was wondering if anyone here had any insight as to what documents we would need to use, if you've ever worked with partnerships like this, and if there was a certain entity we would need to file the deal(s) under?

Thanks for helping