First Joint Venture Deal!!!

[Brian Young]

I am a real estate agent that has been remodeling houses for home owners since 2006. I am interested in using my real estate and remodeling skills to get my foot in the door for real estate investing. I do not have the money saved up to get started on my own so I am seeking out a partner to JV the deal with me.

I am curios how those of you that do deals like this like to set up your partnership. Do you fund everything from down payment to rehab and closing costs? Do you expect your partner (if you are the main financial source in the partnership) to put up some money in the deal? If so, how much? What role do you expect each person to play?

In my head this is how it would work with me: I find the property, we agree on the merits and numbers on the flip, put together a scope of work and budget together, partner puts up all cash needed to buy property and do renovations, I renovate the majority of it with my personal labor and only sub out that which requires city permit and inspection, then I sell the property through my brokerage and we split the profits.

Would love to know how you like to structure your JV deals and if you think there is anything major I am leaving out?