Real estate partnering

[Ron Manson]

Hey guys I'm looking for a little advice. I'm thinking of partnering with a guy that has a line of credit. He will be supplying the needed capital for the purchase and rehabbing of the project. I am a Construction Project Manager Consultant, I will be managing the construction rehab part of the deal. Then we are going to split the profits 50/50. I'm wonder how to protect myself and obtain interest in the property so that there will be no problems when it comes time to sell. I know that normally you could form an LLC and both are members of the LLC. Or we could do a Joint Venture. However, with JV I believe there should be LLC's for both parties coming together correct? I don't have an LLC yet or a General Contractor's license. Should I wait until I'm able to set up an LLC and GC's license before I enter into any agreement or start doing business or is there another way to handle this.