My posts and reply should not be construed as tax, legal or financial advice.

Hey @Dan Fritschen, To keep things above board and clean, id recommend forming a legal partnership or forming an LLC with ownership over said LLC clearly spelled out and open a bank account for it.

Do I need to get a separate contract drawn up?

-based LLC for simplicity, but forming a local LLC in the country of the property might offer legal or tax advantages specific to that location.

Con: In case of violation of contract and you have to evict, it may be tricky to process. 

Tack onto this, legal fees, preservation, taxes paid, etc and you'll likely be over 600K total judgement.   

I’m curious did you do the work yourself or did you contract it out.

8.Who pay the closing cost when using an assignment of contract in New Jersey?   

Went under contract in January when the market was soft with a long DD.

I executed a contract with a seller on Sep 28 with a closing date of Oct 17.