Owner / Flipper partnership profit sharing?

[Mark Ericson]

I'm curious if this idea I have makes any sense whatsoever.  I'm a home owner and have some commercial real-estate.  Moving to another state, so need to move my house that needs repairs/upgrades (mostly cosmetic) but I'm not able to handle the work, or general contracting myself.

Do any real-estate investors / flippers ever partner with home owners to do the repairs and improvements? I was thinking I could keep paying the PITI, and the partner would pay for improvements, and would not have to get a loan or pay cash for the house. We would also agree to split the selling profits at closing.

Does anyone ever do that?  Does it make any sense?

The one thing that I thought maybe could be a concern is agreeing on counter-offers or selling price.   Also what would guarantee the partner would get their money out, mechanics lien?

Bottom-line, I'm looking for a creative way to get out of the house ASAP, have someone manage the repairs/improvements and selling of the house.  And receive a shared benefit from a successful flip.

Thanks!

Mark

[John Webster]

yes it worked well seller suggested it. For whatever reason it took my attorney longer than normal to handle it. Works well with properties with a great spread. Avg deal not worth it, especially if using a rehab loan and splitting profits unless not that much work needed