The seller told me they may even be willing to forego the first 6 months lease fee in leiu of using that money to finance the repairs.There are a lot of other considerations, such as the option after 5 years and of course the ARV, but I'm only really interested in the cash flow for now to build my own portfolio, and not the option or the potential from ARV.This is not a solicitation, but I would love advice on whether it remotely looks worth doing and if so, how can I sell it to someone when I find someone to ask for 500k collateral and a partnership?

@Kevin WhiteFrom my layman’s point of view, sounds like a LLC or partnership is called for.

I had a potential partnership fall through recently and it woke me up to how few people I know outside of my social circle.

I have done one flip as a 50/50 partnership, where I did feel like I was managing more then 50% however we put exactly 50% in each in terms of money.   

You could enter into a partnership agreement in which you would have a document that outlines every aspect of the partnership like, funding, operations, responsibilities of each partner, disposition and so forth 

(Buy & Hold - BRRRR - Fix & Flip)RE Agent/Lender PartnershipsWhat do you look for in a partnership?

I'd like to do the project as a JV or toher type of partnership in some way since the project is going to be pretty big and I'm slightly intimidated by it.

I need help drafting a partnership agreement.

@James MossThere is much added complexity when you add in a foreign partner.The foreign partner may be required to apply for an ITIN.You have to properly classify income to him as either FDAP(Fixed Determinable, Annual, Periodic) or ECI(Effectively connected income).He may be required to file a US tax returnYou may be required to withhold taxes on his behalf if the partnership earns money.He may be required to go through the US/China Tax treaty(if available).etc etc etc

Obviously ownership isn't split up this simply or evenly, but do all owners claim all doors in a partnership/syndication?