Hi everyone who replied, I didn’t think anyone would see this so sorry that this is late.Yes it was clearly outlined that the budget was $15,000.

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

Work with a real estate attorney to draft a formal agreement that outlines responsibilities and protects both parties. 

Quote from @Jamie Banks: Here's a few things I include in my MTR lease- Utility caps- Outline of the furniture that is included- Details regarding which utilities are included- Outline who is responsible for lawn care / snow removal- List of fees (admin fee, cleaning fee, etc) Hi Jamie! 

In the example you outlined and in the case of what a lot of people are doing right now (super high LTV underlying, negative equity on wrap, 100% financing for the buyer, low note rate, etc), then no, this wont work, primarily because whomever created the wrap note is either an idiot or a fraud.  

Does anyone have a good contract or outline of terms they like using with contractors? 

., as Chris noted, the required documentation will be outlined in the LP Agreement you signed.

If you have a RE attorney and mortgage broker then I am assuming you are using some type of joint venture or participation agreement to outline who gets paid what and who is in what position as you tranche the loan.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

The lease agreement is quite vague and doesn’t outline responsibilities clearly.