My grandmother and I have briefly discussed buying the house, instead of trying to convince her to let me flip it, sell it and then give her a cut.

Andrew Stevenson if you're actually looking for someone to work with you to do a deal in exchange for a cut of the deal you will need to post in the Marketplace forum.I'd encourage you, though, to ask your questions here.

I asked him if he had considered a short sale, he said yes and that the bank had already approved a short sale for someone else who was interested in it for $41K (it's a cute little townhouse in great condition) but the deal fell through and they never bought it.

Any $ put back into this do not have an ROI over 100% so this is a cut your losses, swallow your pride and move on.

It's a cute story, but if the authorities find out what you did, they will crush you.

Probably not the best way to get the best deals if you have an agent taking a cut.  

I have an amazing contractor that is will in to do the work at cost and take a cut of he profits...my thought is, he will have a vested interest as well!

Others want a cut of the deal.  

I would never guess this due to the broker taking a cut from every agent.

In accounting or finance, this is a "cut off amount" neither partner should be able to clean out a bank account, people die and the rights of others may become effective as to the rights of the dead guy, other things can happen as well, so give these cut offs careful consideration, but make it so that you don't need two signatures to go buy a mop and bucket either.Other issues need to be addressed in the OA as well, but ask your attorney, this is a forum post, not a book.Next, you need to apply for an EIN tax number with the IRS and you state should be using the same, but check.Business licenses, municipal, county as applicable, they may want your EIN.