About to cross the finish line for my 1st deal, but still have Questions

[Travis Newton]

Ok, quick question. I've been wholesaling for about 3 weeks now and plan on putting my 1st house under contract, however, there's a slight twist in all of this. Background: The house that the seller wants to sell is in horrible shape in a somewhat sketchy neighborhood. This house needs help out the wazoo. Well my partner on the deal wants to "buy" the house out right and pay me my assignment fee up front. When I say "buy" he wants to put a lien on the house for the amount of repairs that needs to be done, then my partner and the seller will agree upon a dollar amount that my partner will pay the seller when the house is sold.

I’ve never heard of a transaction being done like this, but I am a newbie. And in my opinion it seems I’m more of a bird dogger in this case and not a wholesaler. When I talk with my partner on this I’m just going to ask him what he feels comfortable paying me as an assignment fee and go from there.

Any advice or thoughts?

Thanks!