How To Do A Joint Venture

[Travar Taylor]

Hello everyone, so I have an opportunity to do a joint venture for my first deal. The problem is, I'm not sure how it actually works. I have a JV contract but I'm a little lost. The contract states, "Seller _________ agrees to pay a consultation fee in the amount of 50% of the profit to ___(me I know)_ for the sale of this property." Now here is the confusion. The person looking to sale the house actually owns the house (he's a fix and flip/investor), so there is no contract for A to B. So how do I use my current contract if it's not "an assignment". Do I fill out the JV contract with MY end buyer on my own and have the end buyer as well as the JV partner sign it as well? I just need to know what to do contractually to make sure I don't get screwed in the end. Any help on this issue would be great!