How to JV with owner to rehab/flip the property?

[Jonathan C.]

Hi Fellow BP members,

There is this property for sale (4000sqft on a 0.6acre lot) that the owner (an elderly woman) inherited free and clear. It needs a lot of work to be done - probably a 100-150k rehab work which she couldn't afford/manage. Similar property on the street sold for 700k last year and the neighbor is a million dollar property.

I'm thinking of approaching the owner for a JV where I will fund the rehab and then she can sell the property and we share the difference between her asking price and the final selling price after rehab.

What is the best way to structure this deal so that both party's interests are protected.

Any advice?

@Bill Gulley