All Forum Posts by: Oliver Davis

Hello Bigger pockets. This is my first post ever on BP so it is quite exciting!

I would very much like your help on an opportunity I have been offered: an investor I know is currently building 2 townhomes on one lot in San Fransisco. It turns out that on his lot is also an old parking structure (street fronting) that has been fully permitted to build a 1000 square feet townhome (the final map will son be recorded). He is a bit tired of working on this lot and said that he would be willing to let me take on the project (I would have to get the financing and manage it, he doesn't want to get the financing)  and we could then share the profits of the flip. The great aspect for me is that there would be no land cost basis and I would get the experience managing the flip (I have never done a flip yet).

I believe there is definitely potential in this deal but the issue is that I do not own the lot. 

1) Is there a way for me to get financing on such a deal (hard cost around 500 k) say if I had a JV agreement with him but did not own the lot?

2) If this is not possible, let's say he conveyed the property to me for 0$, is there a legal way for him to make sure I finish the project and share the profits with him?

Thank you for your help