Tips for flipping with a partner

[Jeff Stansberry]

To any members out there that have partnered on a flip before....

I have found partners such as local agents / investors on flips, where I finance the flip and they find, manage, rehab, and sell the flip and we split the profits. I plan on creating an LLC in that state and using a JV agreement to record the specific partnership details. When doing the flips, what details did you find important to go over in a flip / partner situation?

- Was there special instructions with Title that needed to be done for disbursement of profits? 

- Process to approve the use of funds from credit cards or title? 

- Was any JV agreement or LLC used?

- Were both partners on the deed? Or just one (possibly the person financing)? 

My JV does mentioned what happens in the case of bankruptcy, over budget flip, etc. the basics.

I understand the risks, but I am looking for details that I might have missed to make the flip go smooth as possible regarding partnerships specifics. 

My goal is to do a few of these and have systems in place, but I am finding having partners there should be extra details. 

Thanks!