Looking for Lawyer to Draw Up Equity\Profit Sharing Agreement

[Tim Porsche]

Hi All,

I am planning to start a partnership with my realtor to do house flipping in the Wyomissing area of Pennsylvania. I need a simple, plain English, legally binding agreement drawn up to protect both of our interests when doing the flips. The requirements are listed below.

1. Needs to specify that we are each putting down 50% of the downpayment for the purchase of the houses and the cost of the renovations.

2. Needs to specify that we are each paying 50% of the closing costs on the purchase of the house and 50% of the loan points.

3. Needs to specify that we are each paying 50% of the holding costs associated with the flip.

4. Needs to specify that when the house is sold, the 6% costs for selling the house will be taken from the overall shared profit. My realtor partner will earn his 3% on the sale.

Example:

Sale Price = $100,000

Purchase Price = $50,000

Renovations, purchase closing costs, loan points, loan interest payments, holding costs = $25,000

Sale Costs = $6,000 (my partner would get his 3% cut or $3,000)

Total Shared Profit = $19,000

My Share = $9,500

Partner's Share = $9,500

5. Needs to specify that if house is not sold within 4 months of being listed for sale, either partner shall reserve the right to take the house off the market and list for rent. All expenses will associated with the rental will be split 50-50, as well as all profits from the positive cash flow. 

6. Needs to specify what will happen in the event that one partner would want to back out of the deal, is moving out of state, is unable to keep his end of the deal for any extenuating circumstances such as medical issues, etc. I am open to advise as to how this should be structured and laid out. 

7. Any other things that you can think of that should be drawn up to protect both parties.

If any of you would be able and interested in drawing up such an agreement, please let me know :). We can discuss the details then through private message.