Partnering with a seller on a flip or brrrr?

[Alexander Mair]

Has anyone partnered with a seller on a fix and flip or brrrr deal? My thoughts are that the seller, if motivated could carry the note much more easily than anyone else. You could start renovation immediately after a partnership agreement was formed, and carry on in a normal fashion from that point on. If the seller at the end wants to keep the finished product, let them buy you out of you percent of the deal.

Of course, as with any partnership there are a myriad of issues that can arise during the process. A homeowner may be subject to more emotional attachment or need more control of the flip, which would be a nightmare.

If you had no partner and not enough money to secure financing this idea seems worth the risk. Thoughts?