Including complaining to the State's SEC dept etc that you borrowed funds without being registered etc etc.If the lender is a long time friend (as they are in my deals) then just an operating agreement that spells out cash splits, cash call requirements etc.  

We had coffee and after about an hour he said "you find them, I will fund them and we can split 50-50."

It is actually built like a rock b/c they used true 2x4's and I believe they are oak, so hard you can barely drive a nail in em!!

I know wholesalers will offer rock bottom (not worth selling for even bigger hit) but how will it be able to make more money on RMLS when it is competing with wholesale prices and cash buyers throughout the Hamilton County area.I’d consider lease-to-own but have renters in on contract for next year.

He uses his money and we split the proceeds when we sell.

What I was wondering is if anyone knew what goes into splitting up a property so that a portion of the land could be sold in order to help finance the house renovations etc?

I also recently had a friend of mine go to refi his houses; appraiser pulled in a value of $69,000 when 14 to the past 16 sales within 1 mile were over $80,000.In Memphis and Little Rock, I have had very little issues with appraisals.

If there is a lot of equity, and worth splitting the holdings into separate LLCs for asset protection, then it may be a very reasonable cost. 

I want to make sure that this would be a fair and profitable deal for each of us, and so if each of us are putting an equal amount of our business money we also then need to equally split the responsibilities of running a buy and hold business, or conversely, we need to compensate the person, or persons, who are doing more of the work.

Once you pass your RE test you can find brokerages to hang your license for relatively cheap, around $30 per month and keep all of your commission or even cheaper where you split some of your commission like you were alluding to in your post.Kelsy, good call on the REAPS.