Central California 55+ mobile home flip, partnership recommendation

[Thad Miller]

I am interested in getting into flips in order to gain more immediate income especially because I'm inbetween employment as a Mechanical Engineer.  If I profit at least $6k/mo, I'll stop sending out resumes and quit going on interviews.

I answered an add on craigslist about partnering on a fix and flip.  I did a Google search on him, and he had 1 bad review back in 2010, but it sounded like a frustrated realtor from too many low offers on too many properties, so that is actually not a realistic "ripoff report".

He explained that he wants to partner on a 55+ mobile home in Central Cal for 30k acquisition + rehab using hard money (and my money). Supposedly he has done 50+ flips and is looking for a new partner since his last partner just died (around age 70).  He has bigger projects and developments in the works, but this is a smaller project that we can start with.  About this deal - the park space lease is about $780/mo., and he said there is a wait list for buyers.  The park manager claims there was a comp last week that sold for $95k.

I'm worried about going on title with him and then this project is too limiting for a large pool of buyers, or I'm worried I'll loose money some other way. He forms a LLC on each flip, so if this deals goes negative, I guess my other assets are protected?

I want to work with him or anyone with a successful flip business, but I am worried...

Anyone please advise.