Hello BiggerPockets community,I currently have my first investment deal under contract (a house hacking triplex), and due to a couple of factors we had to pivot from a basic FHA loan into a 203k loan in order to complete some repairs before we can get in.

Even though your role won't be to raise the money, as a partner in the JV you could be held jointly liable for the acts of your partners in some circumstances. 

We've talked about roles in the project and writing a contract between us but neither one of us is sure the fairest way to split the profits.

I had no idea that even in landlord friendly states districts play a role when it comes to real estate.  

Why can't you say "My role is to find you a buyer who can pay cash and do it as quickly "  Give m"e 'x' days and if I can't do it then no harm, no foul"  If there is a drop dead date then don't take on those contracts if you cannot buy it yourself?

I play an active role in managing the projects and act as the buyers agent on the front end and listing agent on the back end.

Things like closing period, earnest money deposit, and reputation of the buyer can play a big role in whether or not your offer is accepted. 

So again knowing who is doing what will play an important role in how the splits are determined.

Tax reform miiiiiiight be playing a role in this as well.

Can we pivot to a different real estate asset class or does literally everything drop in value?