Business Partnership Detailed Agreement

[Francisco Solano]

Hello BP! 

Looking to see if anyone has a basic template of an operating agreement for a business partnership of two parties involved in the fix and flipping business? We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies. We are splitting up capital contributions at 50%, but see having different involvements in the repair process. We are contractors with different expertise and want to figure out a way that is fair both to get compensated. Would the person who takes on more labor to repair the property have greater preferred equity or is this usually treated differently?

Below is something we have in the works:

-Looking at a property that is 3beds 1 bath

-ARV once complete is at 250K

-Repair costs = $40K

-Working on acquiring it for $125K max

Thanks for the input!