Legal Advice For a Single Family Flip

[Zach Ballou]

I was recently approached by a contractor who I had been using to do small repairs around my multi family. His mother currently owns a single family home. She attempted to sell the house for 275k over the summer and had dropped the price several times to 247k without getting an offer. The house is in a great area but it is missing some key items on the interior and the lay out itself seems to be what prevented the house from selling. After renovation and reconfiguration of the layout it could sell for 305-315. She currently owes 230 on the house.

She approached me and asked if I’d be willing to front the money needed for the renovations ( 30k) Then when the house is sold I would Keep whatever remaining profit exists after she pays off her 230k loan. What type of legal document do I need to protect myself for this type of transaction.