How exactly are JV deals done in wholesaling?

[Mahmoud Y. Elhalawany]

Hey there everyone! My partner and I were recently approached by a virtual wholesaler who came to us with a deal. we have never done a JV deal before. These people are out of state and completely virtual. I would feel comfortable if there was some sort of contract between us and them BEFORE, we blast it out to our cash buyers. Of course having never done one of these before we do not know the proper parlance with these things. is it common to just blast out the deal to our buyers and say something like "We do not yet have this under contract, it is a joint venture deal, call/email us for more details" and then put it under contract with this other wholesaler? or should we have a contractual agreement with them before we blast it out. I would feel far more comfortable having some sort of contractual agreement first, but if this is not how things are done then I understand. What do you guys do?

Thanks so much for taking the time to read my post!