First JV deal - Wholesaler will put the property, I will put the Renovations - Advice

[Mija Aguilera]

Hello Appreciated community, this post is to seek some advice.

This will be my very first REI venture, I have found a deal online a couple of days ago, I went to see the property and met the wholesaler (he looks cool and genuine) and we had this option to buy for 650k or JV for 615k.

I decided to JV, so the deal will work like this: He will put the property and we will put 120k worth of renovations, after we finish all the renovations we will put the property on the market, the ARV will be around 810k (looking on some properties that have sold <60 days ago near by)

What would be the best practice to protect us and our investment? What tool would you recommend to run numbers properly? What should I do next?

I am planning to make an agreement for sale and register it on the county records but I would love to hear some wise experts!!!