First time partnering into a deal

[Jobee Vincent Buenaventura]

Hey all,

Long story short, after some extensive networking I finally found an experienced investor in my area of 15 years willing to partner with me, a new investor. He will walk me through the house-flipping process with a current deal that he's working on that's local to me. We will be seeing the property tomorrow (ARV ~$700k, all-in $600k) and he is promising a decent percentage of return if I fund part of the project. Afterwords once my prove my commitment, he will show me the ropes and will have access to partner up with his other projects.

We will be going over the paperwork tomorrow at his brokerage office and I want to know if there is anything I should watch out for. He has proven his portfolio to me but I just want to be careful. Would I need to call an attorney to take a look at the partnership contract to be safe?

Thanks for reading! Any advice would be extremely helpful.

[Greg Dickerson]

@Jobee Vincent Buenaventura yes you definitely want an attorney to look over the paperwork. How much money are you putting in the deal? How is the commission handled? 

This deal is a bit thin for the price point. All in for $600k should have at least $150-$200k upside potential not $100k

How are the comps at that price point on your area? Are houses selling fast at that price?