What does a Joint Venture contract look like?

[Robert Solis]

I'd like to joint venture with other wholesalers in my area but I'm not familiar with the kind of contract that's used in this situation. 

The two scenarios I'm talking about are:

1. I find a cash buyer for another wholesaler

2. Another wholesaler finds a cash buyer for me

All we would do is split the assignment fee 50-50.

For those of you who have done similar joint ventures...What did you use for the written contract?

Thanks guys!

[Jerry W.]

I am probably the worst to ask.  In my business there should be contracts, memorandums, etc.  I unfortunately usually use a simple memo and a handshake.  No matter the contract, it is only as good as the person you make it with.  That being said you should have a contract or agreement sets out how profits are shared, calculated, and how and when folks will be paid, and what actions they must do to get their share of the profits.  Might not hurt to have a how to share a loss clause either.