Flipping a house without owning it?

[Eric Jones]

I have a second cousin with a vacant home that he would like to sale. It is essentially an interior flip and new windows, as the siding, roof and mechanicals are just a few years old. Have any of you structured a deal where you rehab a home without buying it first? One offer I would like to make him, is to rehab the home without buying it, I would get the profits from the flip and he would get a pre negotiated price for the home. I like the idea of only having one closing and being able to start the project sooner. I would enter into a legal contract that explicitly states the terms. Thoughts or suggestions? Thanks, Eric

[Timothy Lewman]

@Eric Jones take over the mortgage payments on a subject to deal to buy the house. Or You could find some equitable split of profits at closing. Just get your name or company name on the title and some sort of operating agreement between you two.