Joint Venture on an Estate Property

[Kevin Rollins]

Has anyone done a joint venture deal on an estate sale? I am a real estate agent and investor. I have a potential client/personal representative who is selling his family estate and he wants to use me as his real estate agent to list and sell the home. I presented an option to him to renovate then sell the property to maximize the value of the home so his estate can potentially increase the proceeds of the sale and he is interested. This would mean me funding and bringing in my contractors in to renovate his family estate to maximize the value then we would sell and split the proceeds. Mind you this is in a hot real estate market where homes are going under contract in 1 week. I do have experience flipping homes but never done a joint venture especially of this type. I wonder how to put this type of JV agreement together to protect me since I have no interest in the property and to make sure both of us are under the same understanding going forward? Any advice or recommendations?