Joint Venture Contract

[Brad Farmer]

Hi BP, I am looking into doing a joint venture flip with someone in my market who has plenty of experience flipping homes. I am looking for some information on a necessary contract agreement in order to align the expectations of both parties, and to ensure the payout is distributed evenly. If anyone has a certain contract that they have used before, that is applicable, that would be great. Also, any other words of advice on a joint venture flip are appreciated!

[Nathan Click]

@Brad Farmer were I you I'd consult an attorney to make sure that both of your interests are represented. It's never a good idea to rely on a contract template drafted for someone else or found online. Best is to sit down and set expectations with a professional. One way to do this is to set up an LLC with your partner and specify ownership structure, terms, and payout in an operating agreement (OA). This OA sets the rules between the owners.