Need ideas

[Minna Reid]

I know an out of state owner with a vacant property near me. He'd like to form some type of partnership and rehab the property. He owes nothing on the house but due to his own ciscumstances he does not want to take out a loan or assume too much risk by himself. He is also far and not in a position to really manage the project anyway. He does not want to sell on the low end as is.

I'd like to handle the rehab and resale if it could be worked out to satisfy everyone. Question is how would i work this out? The property would sell for about 200. Needs about 50k rehab.

Is there a way I could get into this with no or very little money out of pocket and protect everyone's interests? If I had an interest in the property I would assume getting rehab money wouldnt be much of a problem with such a low LTV. Any ideas? How would you split the proceeds? Is there a reason I shouldn't do this?