A Partnership But How?

[Ryan Fatturi]

Hello everyone, 

Thank you for looking at my post! So, I'll try to keep this short. My wife and I plus a friend of ours have decided to partner up on Real Estate. My wife and I are brand new to investing and our friend has a little more experience, but not a ton. I found this house in a good location that needs a remodel. It's borderline a hoarder home so about every surface needs something. My wife and I decided not to purchase the house and do the life in it for a year and remodel it because of the condition of the house. So, our partner is buying the home and wants us to be part of the deal. The idea is that we would all help with the remodel alongside the contractors, I would manage the property, GC the property, and I have already closed the deal on the property. The idea so far is to do a BRRRR but we need to figure out how everyone gets paid fairly. I will be handling a lot of the hassle with the property but our partner will be providing the majority of the funding. If I were to put money in, should I expect to get more money back than I put in and how does that work?

Were all trying to understand how a fair partnership works but it's proving to be more challenging than I thought to come up with a strategy that works. Any ideas would be most welcome. Have a great week everyone!