If you are satisfied with him, I would make sure I cover all bases when writing out an agreement.

Sean, when discussing this transaction at least, did not manage the subject property in any aspect.

Unit 2 ( where I live ) is a small 1/1 with a massive 6 car covered car port and a nice work shop . 

The important part is forcing enough appreciation with the rehab to cover your lending cost.

Use vendor financing, subject to, contract for deed, joint ventures.

So we could cover rent if the place goes unrented for a while etc., Well if I rehab the place a little bit than the mortgage may be higher. 

However, “prompt” and “good” are subjective.

If you are dealing with partners, I would highly suggest creating an LLC entity AND have it include a an operating agreement that covers who does what and how you will eventually dissolve the company/dispose of the property.Disclaimer: I am not an attorney nor do I play one on the internet.

Any information on this subject would be greatly appreciated.

and the house is in horror condition covered with animal fesses, dirty cloths, trash everywhere, the smell is unbearable.( i was there to talk to the neighbors, but somehow their dog broke the door and got out. got on my car wont leave.