Help needed before I sign a contract

[Sheila Villacampa]

I have a fixer upper house which I bought for 4,000 in an upcoming area. I have contacted a contractor who suggested that we would partner together. The discussion was that if I buy the materials, he'll take care of the labor. We also agreed that we establish a contract and that his name is also added to the deed. It sounds fair to me. My questions are: 1. He quoted about 50-60k cost in rehabbing the place that includes materials and labor, how do I know that that is fair and legit? 2. What should I include or exclude in the contract in a 50/50 business partnership? Is it best to hire my own lawyer to review the contract? 3. This is a single family house which I intend to live for 1-2 years, how can we structure the contract in a way that is fair to my partner. 4. If all is well and I sign the contract, I plan on financing the half of the project with 10K loan with 6% interest, 8k on credit card with 22% interest, these I already have. But I still have to look for funds for the remaining, minus the value of the house. Is this too much risk? My personal finances now are not great, but I'm willing to work hard and hang in here but is this project worth it? How do I know my numbers are correct and know that I'm not running into a trap. This single family house needs extensive work but does have Hvac in place, water and electricity are working although I don't know the condition of those. Also, the roof is just 3-4 years old. It is situated in a 3000+ sq ft lot which is typical of Chicago city lot. If I don't act now, I figure the house is not able to survive the winter. Please help!!! I'm in a rock and a hard place, or am I? Thanks so much.