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Updated almost 9 years ago on . Most recent reply
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Working with Another Investor - How to Protect Myself
Hi BPers!
New investor in Anne Arundel County MD, looking to do a deal with another investor colleague of mine. He will buy the property cash and I would put up the rehab money. We would then split the proceeds from the flip. My question is how do I protect myself contractually or otherwise if things go south? I am not on the title and I understand I could always put a mechanics lien on the property, but are there other safety measures I could put in place to limit my exposure? Thanks in advance for your help!
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If your partner in this venture will be purchasing the property in cash, you could lend the rehab money in exchange for a (1st position) mortgage (registered against title naturally).