And should the parent and the son both be listed as "jointly and severally liable" even if the screening reveals the son is not in a position to assume this responsibility independently?

(no idea if it's legal or even possible)Lender A is in an equity partnership, 50/50 profit split with the flipper.The flipper needs 150k for the entire property, so Lender A funds their joint LLC, as per their agreement.Before the funding takes place, Lender A has an agreement with Lender B to where Lender B gets a fixed rate of return for his investment.Lender A contributes 75k, and Lender B contributes 75k to a joint bank account, which then funds the flipper's and Lender A joint LLC.Lender B is given a promissory note by Lender A, using Lender's A 75k as collateral.The property takes 5 months to complete and makes a 20k profit.Lender A and the flippers joint LLC is then funded with 170k, they split the profit 10k/10k.Then Lender A pays back Lender B (75k + interest @ 10% = 3.5k), as per the promissory note.Lender A is left with 81.5k, so 6.5 k profit.(170k-10k = 160k, 160k - 78.5k = 81.5k)Now, if the property takes a 20k loss.150k - 20k = 130kLender A and the flippers joint LLC is funded, no profits to split.Lender A then pays back Lender B (75k + 3.5k = 78.5k), as per the promissory note.Lender A is left with 51.5k, so a 23.5k loss(130k - 78.5k = 51.5k)Lender B investment should be protected up to a 75k loss Lender A has invested.

@Chris- We have a joint venture agreement in place.

Please contact me for networking, joint ventures, and wholesale deals!!

I'm going to start looking this week for my first flip of 2014 (if I don't get bogged down in tax lien education) and I'm always on the lookout for joint ventures.

James,http://www.pdffiller.com/5728430-Probate20Pur-chase20Form-2520_20Proba-te20Purchase-20Agreement-2520and20Joi-nt20Escrow2-520Instructions-20-2012006-PROBATE-PURCHASE-AGREEMENT-AND-JOINT-ESCROW--Other-formsOr try this link...Mark..

@Dawn Anastasi Mehran K. have you two done similar joint ventures with other partners?

Some older comments will mention I remember when this place to be an xyz joint etc.  

You might be able to do it 1031 and sell both parcels jointly and exchange all equity into some of these buy-and-hold rentals that is your final goal.I think of the fun we had at the Denver Summit and think of you and the others often.

We also use it for potential joint venture partners to see what we have done and what we are doing.