Most partnerships have a detailed agreement that spells out how much each investor will chip in, when they get paid, how they get paid, what percent they get paid, etc.

It will spell out what happens to liens at foreclosure.

Why people don't spell out a complete word is beyond me.Cold calling people in foreclosure and telling them you can help them, without knowing the laws, is a quick recipe for a disaster and possible civil/criminal penalties, depending on what state you do that in.

I assume he's going to have a share of ownership, so his money will be protected via his legal title to the property.Be careful...spell everything out on paper. 

I am sure someone will come behind me and spell it out better. 

Ever write a very common word down on paper and for whatever reason that day it just doesn’t look spelled correctly?

You need to spell out the terms in writing ahead of time and make sure everyone understands it.  

This latest market cycle has been the season of the wholesaler, everyone and their brother "jumping in" to this arena having no clue how to spell ROI in oh so many cases.

If the seller is to "fix" anything, spell it how the repair will be done.

Make sure your contract spells that out.