First Time Flip NJ - Structuring a Partnership?

[Toni Bobko]

Hello,

I read some great articles on this app earlier today.

I'm ready to buy and flip my first home. --And by ready I mean, my partner and I have the capital to buy a property in Roselle Park,NJ.

Where do I start?

• Do I buy the property under my personal name or do I become an LLC?
• Do I see a lawyer or accountant first?
• My partner is an experience plumber and capable of doing most of the work/manages a team to do work.  How do I structure a Partnership with this individual?
• I'm assuming we both keep track of our investment into the property (within a budget we set) then that money gets repaid first, then we split the profit 50/50?  Am I simplifying this too much and not thinking of other factors to be considered?

Any advice, articles, or forums links would be greatly appreciated for this 25 year old first flipper who is looking to challenge herself. Thanks!