This is a serious responsibility with considerable potential for liability.

I will take everything you said into consideration.

Still this will be my first flip and the first time using family money so we want to make sure everyone is covered and all the responsibilities are spelled out.Does anyone have a recommendation for a Houston real estate attorney who could advise us and draw up the paperwork?

Private Money, Hard Money or a lender are the options that I am aware of.Some other things to consider (please take into consideration I purchased my house well before I knew about BP and never thinking it would be a short-term flip or rental property)Current Mortgage Balance: $91KProjected Improvements: $15-20K (Option #1) $3-$5K (Option #2)ARV: $120-$130K based on current market conditions, comparables in my neighborhood, etc.Any comments, suggestions, concerns, would be greatly appreciated.

* If there is a completely passive "money partner" who is getting (we'll say) 50% of the profits for providing the funding, then if that partner obtains a loan to provide the funding, then the active partner should get 50% of the profits computed PRIOR to consideration of the loan cost.* Just because everyone is making a "personal guaranty" on a loan, it certainly doesn't mean everyone has an equal amount on the line.

Where do you guys draw the line???

So after taking this into consideration, I talked with my mentor and called her back proposing to purchase her property subject-to.

It's technically not a proper settlement as to consideration made to link the chain.

They take into consideration the value of your home in comparison to other similar apartments in the market, covering increased operating expenses for maintaining your apartment and building, as well as saving up for additional projects to improve your home. " Our expenses as a management company continue to rise.

I go with a $2500 deductible versus a $1000 (that would cost $2300/yr)A homeowners policy should be considerably cheaper.