Structure the deal: Owner to carry, me to rehab- how?

[Shay Kent]

Hi everyone! 

Huge question. My brother has a house that he's REALLY let go. He approached me about partnering up somehow to do the rehab. But I've never structured a deal like this (I usually use a lender and buy my flips). HELP!  He's trying to have it refinanced, but if that doesn't work I think he'll be facing foreclosure. I want a deal that makes sense for both of us. I was thinking that I could write him an offer to purchase at a certain price, and take over his payments with a small amount of down payment to get him out of the house so we can work and he has something to live off (unemployed currently). But if we put in our money for the rehab and do the work, then how do you split the profits??

I'm going to see it today to estimate repairs and I'm getting comps today too.