Hold people to a standard.

I’m not a greedy person in the least bit.

Another thing to consider is that if it was your personal residence, you may be able to exclude some capital gain income if you sell it within a certain amount of time.Best of luck.

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

In my case, I will be making a personal offer from myself, but the financing will come from my LLC.

I'll shoot you a PM you'd be a great person to work with 

Connect with a good maintenance person to have in case you eventually get that overflowing toilet call.

For all loans, amongst other things, I have a recorded Mortgage/Deed of Trust, Promissory Note, and Personal Guarantee in place.Yesterday, out of nowhere, my bank reached out to me and asked me if my business was regulated. 

Hello,I was recently told that if I or my partner personally complete work on one of our flips that we own under and LLC that it voids the liability coverage within the LLC and we as individuals would open ourselves up to Liability.