Joint venture contracts

[Evan McLeish]

Hey BP,

I am looking into structuring JV deals. I am able to qualify for conventional financing 80 LTV and have a partner wanting to put 50% down payment to do the reno with me and make a profit.

I would be keeping the house in the end and be the only one on title.

If I set up a JV agreement with a lawyer, is this what the lender would be looking for to satisfy the half of the down payment?

Concern: If my partner transfered money into my account for down payment, would the lender inquire about its origin and not willing to accept the money from a outside source other then family. ( Gifting money has to be done by a immediate family member as far as I know ?)

Can the lawyer draw up a agreement which agrees the money to be paid out on completion ? Is there a sample JV agreement someone has to look at ?

Thank you