Partnering on a flip deal

[Account Closed]

Hello,

We need your help! Wehave been presented a deal for a property by a friend who wants to partner with us, he says he would pay 50% of the purchase price. We would pay the other 50% and also do the work for the rehab. None of us have partnered before, any suggestions on what a fair proposition would be in regards to how to split the profit. We would also ask him to pay 50% of the rehab cost. Thank you 

[Karen Margrave]

There's been many posts on this subject over the years, if you do a search, you'll find many answers. I will say, be sure everything is spelled out in writing and agreed to beforehand. Cover how all bills will be paid, who will pay them, who will work with and hire subs, what happens if something unexpected comes up. etc. Nothing ruins friendships faster than misunderstandings over money.