We've typically either structured them with a new LLC with a solid operating agreement laying out everyone's duties, contributions, percentage of risk, and percentage of profit.

@Timothy Eaton so for your $35,000 initial investment you want the first $480,000 received in any sale, then for any over that, you each get paid back the cost of renovations you contributed, then split any remaining profit 50/50?

I look forward to connecting with you guys and contributing to the Bigger Pockets network of investors!

GE Cafe: flat white with gold/bronze pulls.  

Thanks for your contribution!

You will be able to save money on the mortgage payment by having other units to help contribute.

📝Remember, a well-communicated contract benefits both parties and contributes to a successful project. 

I'm enthusiastic about the prospect of collaborating and learning more about your interests and objectives in the real estate market.My primary goal is to understand how I can contribute value to your investment goals and aspirations.

However, recently a good friend of mine from church (who happens to have an extensive experience in RE) offered me to partner up to help me start and without me having to put any money, just asked me to contribute to him by finding a low cost deal, help with the process and he promised me to split profits equally if either selling or holding.

If the property owner is a "long time childhood friend", then she may be willing to cut you a deal where she pays for the closing costs and/or she may contribute to any repair/remodeling work that the property may need.Once you move in you could house hack and start saving money so that you can acquire more properties.