What are your tips for a first time money partner?

[Will Johnston]

I’ve agreed to be the primary money partner for a fix and flip deal in St Louis.  I live on the west coast and don’t know the STL market well, so I’m relying on the boots on the ground to actually run things. I’m largely a silent partner.

I trust the agent putting the deal together, and I've certainly analyzed the deal itself to make sure the ARV, construction costs, payout structure, and timeline are reasonable.

That said, what are the things I should look out for, insist on, be aware of, etc.?

All of my other investments to this point have been rentals with varying levels of renovation, and it’s always just been my wife and I controlling the process and the funds.

On that note, any advice on whether I should put this investment just in my name or in both my wife’s and my name? We file taxes jointly, so I’m not sure if there’s any advantage/disadvantage to it being both or just one of us on there.

Thanks in advance!