Quote from @Basit Siddiqi:
If this is your first flip with this person, put your attention on having everything operate properly.
I have seen so many poeple worry about the profits that will appear but they let everything slip.
Furthermore, why are you looking to partner?
If he is a contractor, why not buy the house personally and pay him a fee for his services.
If hes a realtor, why not just pay him a commission to buy the house.
Best of luck
Thanks, it's because of our terms, I am not putting any cash down. I also leave in another state and if I buy it for me, being in another state will still be an investment property, and if it's not in a business name, I don't see how I can do a profit and loss and deduct loan interest and construction expenses. I care about having a flip history and building a relationship so I can get better terms on hard money. Even if I use a mortgage, most will not finance if it's not livable and where do you get the money for repairs.
