To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

Amd in order for it to work, the seller, wholesaler, and the title company need to all be on board with it and an addendum to the contract outlining the change in price needs to be created and signed.

Regular maintenance updates from your property manager—such as quarterly reports outlining requests, costs, and resolutions—can also help you stay informed and track spending trends over time.Building relationships with local contractors or networking with other investors in Cleveland can also be valuable.

Hopping on call with our realtor tonight to outline our next offer!

I appreciate the outline.

I would outline your scenario to a few local mortgage brokers - with everything you've said this seems like a pretty easy deal. 

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.

FTR, I'm doing exactly what you outlined.

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.

They have have done a great job outlining all the possible things that can go wrong and what  can go right.