One bug mistake I made was not having an extension in my contract to close on a deal.  

HelloMy question is about how to structure a partnership when one partner is funding a majority (or all) of the deal but has less experience.One member of the partnership has fairly extensive experience flipping houses (around 20 flips completed) the other member doesnt have experience with rehabbing/contractors but has other RE experience.

There might be a way for them to purchase an extension of that rate which could give you several more weeks. 

Sadly lenders are in the driver's seat if you only have a week to close.You could also attempt to get an extension to close to find an alternate product. 6% is not crazy, but it does not feel that competitive. 

@Colin Caporal-  extension fees  of 1.25 to take the  6% rate to 8.15  is  standard and OK  ...but ..you should ask the  question  about  what  happens if the  house and loan arent  closed  by 8/15/2022....(   this  could easily  occur  and  you want to  have this  issue  addressed  now  versus later )  ...were you able to  get the  DTI issue  addressed

👉Benefit Extension.

PPC is an option but the quality is low most instances. 

FHA often makes you do things like a new water main on 3/4 units when adding too many new outlets which can be 20k+ alone or extensive waterproofing work in basements $10k+.

I love to use instances like this to make improvements to the property.

The tenant, who had a written lease or rental agreement, which terminated on or after April 21, 1979 (the effective date of LAMC Chapter XIV), has refused, after a written re-quest or demand by the landlord to execute a written extension or renewal thereof for a further term of like duration with similar provisions and in such terms as are not incon-sistent with or violate any provision of this Chapter or any other provision of law. 6.