Partnership Paperwork - Set up a legal financial partnership

[Scott Tillack]

I want to buy a Condo and rehab it, then flip it. I have an investor who wants to work with me, as well as an agent who has found a rehab project, and a contractor who can do the work. Now, I have to set up the legal framework so that everyone is protected, and everything is put into writing. Should I create an LLC for this first deal? Who would own the LLC (Me or the investor)? If the investor owns 100% of the project, then how can I get paid (would I be paid at the closing once the project is completed and sold?) Is it better to have this be an equity deal for the investor (Where he pays the acquisition cost and rehab cost), and then the two of us split the profits, after he is paid back from the sale-. Or should I be the owner and pay back the "loan from the investor". If the first one works well, then I am sure the investor will ask me to do another project as well. The investor does not want to do any work. He just wants to fund the project.