JV Strategy

[Pamela Holmes]

I have a private lender that is charging $3500 origination fee with 12% interest up to $50,000. I have yet to do a deal and wants to know how to structure the deal to receive money in pocket at closing. 

Strategy:

Do a JV deal with another wholesaler: Find a property with a tenant and 30% equity listed for $38,000.

Offer $48,000 with a contract in place to receive $10,000 back at closing net any closing cost.

Have a payment of $500+ with a monthly income to the private lender

Collect $800/month from the tenant

What kind of paperwork/contract is required to ensure I receive my $10K at closing.