How to structure flipping a house you don't buy?

[Zach Hergert]

I have heard of some home flippers in CA and other areas basically going to homeowners who want to sell, negotiating a sale price, then performing all the updates on their own dime then splitting the profits. Has anyone done this technique? How did it work out? Do you put a lien on the property or how do you protect yourself? Thanks in advance.

[Account Closed]

Originally posted by @Zach Hergert:

I have heard of some home flippers in CA and other areas basically going to homeowners who want to sell, negotiating a sale price, then performing all the updates on their own dime then splitting the profits. Has anyone done this technique? How did it work out? Do you put a lien on the property or how do you protect yourself? Thanks in advance.

 I sure wouldn't do it but if a fella wanted to I suppose you'd do a detailed Joint Venture Agreement, pull a Title Report, run their credit, get a payoff from the bank, open escrow, use an attorney, sign nondisclosures, and hope for the best.