What are your recommended partnering practices?

[Steven J.]

How should I create this partnership/deal?

I've had a rehabber approach me and we sat down for lunch today. We've been talking real estate awhile and we discussed doing work together. He's got a flip he'd like help on and I'm curious as to how others have worked out with sweat equity agreements.

He's willing to put up the money for the purchase and rehab while I'm willing to put in the hours swinging the hammer, hopefully doing some of the planning and sub contracting. At the very least I would be a w-2 worker for him. I'd prefer to be more of a partner as well where I am getting paid an hourly wage (to at least cover my monthly costs) and then split any profit made on the back end.

How have some of you out there structured such a deal, or how would you suggest to structure such a deal?