SImply calling yourself a "partner" or the deal a joint venture may not cut it.

Whether cutting in around corners and up against walls (floor), taping and floating the joints of the sheetrock boards or roofing a valley, around a stack, chimney or skylight.Look at those places first for obvious problems.

But in regards to @Ricardo M. defense, how would you go about using that borrowed 70K to purchase a home (without getting involved as a Joint Venture)?

Those guys are the pros...let them help you.You could also minimize grout joints to 3/16 or less.Good luck!

Our mother passed away and we both inherited the properties jointly 50-50.

Edwin you have straight loans as an investor on projects then you have Joint Venture arrangements where you get equity percentages along with the loan in many cases.Straight loans are different from JV.

And how would we handle the tax reporting if we agree to split profit and expense 50/50; do we need to open a joint bank account or can we use either one of our accounts as long as we have a contractual agreement about the profit split?

The better way to do this might be to joint venture (JV) with a "boots on the ground" partner in the city you are interested in and split the deals/profits.

Hi BP,

Simple query here. I have my first deal under contract, I have been approached by another wholesaler. Is there a JV contract that is specific to this type of deal or is this an addendum that I attach t...

If you want to stay lower risk high degree of daily control the options you have are most easily handled by a joint venture relationship.