Investing in a friends deal

[Sam Schlosser]

Hello,

A close friend of mine has acquired a property and construction financing to renovate. He has asked me to come on as a 50% partner. I am struggling to think of how to do this at this point. His name is on the construction loan and it is secured as well as the cash to purchase the property came from a heloc from his personal residence. 

I am just wondering if anyone has been in this situation before, and has found a good way to get my money in and get my money out.

Any advice is good advice.

[Nathan Gesner]

Quote from @Sam Schlosser:

Don't do it without an attorney involved. You need a clearly written partnership agreement that spells everything out. Who is responsible for what? When do you get your money back? Your profit? Who pays what if additional capital is needed for an improvement? What if you need to exit early due to lack of performance, personal issues, etc.?