Cash out using a JV on a flip

[Dyrol Harding]

Please bare with me on this one.

I own a property with a mortgage of $360k and 900k equity. I need $350k to do another business venture. The property needs about $400k in repairs to increase the ARV to 1.5 mill - 1.7 mill. I am waiting for insurance money to repair the fire damaged property.

Can anyone suggest a way that a JV could be implemented in order for me to get:

1) $350k upfront for my venture,

2) get value for the insurance for the repairs

3) after repairs sell the property pay off the mortgage and split the profit and give the investor about $200k for the $350k investment (plus repair cost)

Just to want to know if there is a legal mechanism to do this. Thanks for your thoughts on this.