Bill Gulley I have to disagree with you Stripper analogy and that advise from "Professional Advisors" is better advise from people that are knee deep in field with hands on experience.

If you do a joint venture both parties must bring something to the deal. 

And that it has a "joint and several liability" clause in it.  

This test has 4 parts to it that I read about on a few BP blogs by Adam Davis "The Howey Test (otherwise known as why private money investing involves the SEC)" and "Can You Skirt the SEC with Joint Ventures?".

I am knee deep in REO's now, but I am currently training someone to start working on getting short sale leads for me, as listings, then I can represent the client.

Go slow always take measurements to make sure your straight and squareAlso get some quality knee pads and enjoy!

FYI - asbestos drywall joint compound was very common up through the middle 1980s.

I am particularly good at selling Seller Finance to sellers, Joint Ventures etc.

My question is: I am new to Real Estate Wholesaling, I am getting a lot of request to do a joint ventures.

My knees are wobbly and I'm holding on to the couch.