How To Approach A Potential Partnership?

[Stanford Neal Mead]

Hello! We’ve been approached by a potential partner for a flip we are considering. My wife and I are still relatively new to this business, and we want to make sure that we’re taking all of the necessary precautions to protect our best interests. We met this gentleman at a property auction. He invited us to come see his current project. I offered to wash and paint the exterior, and we came to an agreement on price. There was a bit of miscommunication along the way, but it was primarily due to technical difficulties - he is admittedly not good with computers. We have since been to a couple REI meetings that he has hosted. We have slightly different communication styles, but the guy has a construction background which could be extremely beneficial. Our knowledge of construction timelines and costs is limited. WHOA, thIs post got away from me. My question is, how do you determine whether a partner will be a good fit? Once you make that determination, how do you set up the contract(s)? He has suggested that if we buy the property, he will handle the renovations. Thanks BP!