House Flipping with my Contractor

[Enyi Ajoku]

Hello Everyone, i've been looking at doing some flips next year and i hope i could get some tips to the strategy i want to work with.

I have been searching and networking with some contractors, after some conversation and also vetting them out with projects i have trickled them down to 3 who i believe are reliable.

My plan is to buy a foreclosed house, fund the purchase and materials to bring the house to a livable condition. The contractor will do the work and when the house is sold we shall split the profit.

This is high level based on my thoughts, i am looking for experts here to give me tips; financial (how to calculate splitting the profit), legal, accounting, project management etc. I am also open to answering question that will help provide more insights to my plan/ end goal.

Do i need to set up a business, if yes what type?