Advice starting out Virtual Flipping...

[Bryan C.]

I am an out of town investor for the Cincinnati - Dayton Ohio area.  I have some money to invest and I am looking to do Virtual Flipping.  I am from this area and familiar with it, plus I have some friends & family local.  

I am seeking advice on the steps that I should take when seeking a partner....

- what should I check on anyone that I deal with?

- what things do you check when dealing with someone else?

- once I find someone to partner with, what docs need to be in place to protect all parties involved?

- what type of split or interest rate do you receive if you lend $$$ & if you do a JV deal?