How to Structure a Fix and Flip Deal with a Partner

[Carla Carvalho]

My property manager (on a luxury vacation rental that I own) was approached by his landlord today and offered to buy a home that he owns for well below market. The landlord is retiring and is off-loading property. We are in red-hot Bay Area. The property is currently worth $350k but the landlord offered my pm $299. My pm called me to see if we want to "do a deal." We have cash via low interest HELOC (3.5%) and could buy the property outright since my pm really can't. He and his Dad do construction and believe that with $20-30k of work, they can flip easily for $400k.

Snice I’d likely be taking title on this property, what are some questions I should be asking? How should we structure this do both my pm and I make $? What are the elements to a deal sheet/Agreement here? 

I’ve never done anything like this but my pm does excellent work so that’s not a concern. 

Thanks!