What type of agreements do you have with your contractors?

[James Heller]

Hi everyone -- I am buying property remotely (in Denver, from San Diego) and beginning to partner with several contractors in the area. Really awesome folks I've gotten in touch with.

I'm curious what type of agreement the more seasoned fix'n flippers use between themselves and their contractors. Do you have a formalized contract, or just a verbal agreement? Do you add language that protects you in case work stalls (or the property is vacant) for several days? What other types of things are you mindful of?

Thanks in advance

James