Forming Partnerships For House Flips

[Daniel Howard]

I'm a newbie to REI. I bought a house of my own just a little over a year ago, and I'm eager to start buying investment properties. I have quite a bit of equity in my house, so I'm in the process of setting up a HELOC to help fund some of my deals.

While I'm anxiously waiting to get that all set up (I need to take care of some minor repairs and updates after renting to my brother before I can get an appraisal), I am eager to be searching for deals; I really enjoy the hunt (though I think there are a lot of ways I can improve my searching techniques). The problem right now is that I don't have a lot of cash that I am ready to tie up into a deal, so I was hoping to network and make an arrangement, specifically for a house flip in which I find the deals, do the legwork to get the repairs done, then get it sold, while the partner finances the deal and manages everything to make sure his/her money is well-invested.

My question is: What kind of partnerships have you guys had that you found beneficial, and what were the best ways that you found to arrange to work with a partner? I'm looking specifically to partner on a house flip so that the partnership doesn't have to be long-term. I look forward to hearing from everyone.