Types of Flipping Partnerships?

[Joshua Martin]

Hey gang, 

Thought I'd ask away as I'm brainstorming the best ways to go about this. So I've been hunting deals for a while, have come across 2 in the lots of them that made a lot of sense, and got beat out on both. Or, on the one they sold to a cash buyer at a higher number, and on the second the seller listed on the MLS. But it does seem clear, I'll have to pay cash to get the best deals, as the recent one I wrote on was a rehab loan and obviously a cash offer looks MUCH more appealing.

  As for cash, I have 10k, and easy access to another 38k. These numbers don't put me in prime flipping locations. I have a mentor whose also something between private and hard money at around 10% no points, or would be open to partnering on good deals. He likes to operate with ARVs around 110-125 and has done it successfully for years.

  I do have another line on cash, however, and I'm just wondering how rookies have structured one off partnerships. They bank and I work and project manage and we split 50/50? Or is that not enough if the person has the cash? I would have the deal, and ostensibly an off market deal as that's what I'm still looking for. 60/40 they bring the cash and rehab cash?

  There's lots of ways to set these up, obviously, and I'm just wondering what people have done that has been a win win for everyone. 

  I ask because I have another interesting lead but it's in a slightly higher price point than what I could scrape together.

  Thanks in advance,

Best,

  JTM