We have an accepted offer on an 2500sq home in Signal Hill, SW, Calgary.We are offering this investment opportunity as a short term joint venture fix and flip.

My goal to overcome the lack of funds is to find joint venture partners.

So if I do a 50/50 split do I do it as a partnership or some kind of joint venture?

Does anyone know of any software that one could run a cash flow split analysis for a joint venture?

Jack, I would recommend not making a knee-jerk reaction based on one article.  

I am getting ready to do joint venturing with others, but want to make sure I have everything in order first.

Chapter Four says that in addition to the exceptions we mentioned previously, borrowers who vacate a primary residence that was jointly owned may also be able to get a second FHA loan Non-occupying co-borrowers on an existing FHA mortgage may also be eligible for an FHA mortgage if the new home is "to be that borrower's primary residence" according to Chapter Four.Exceptions to FHA rules in these instances are handled on a case by case basis–discuss your needs with the lender to determine if an exception to general FHA loan policy can be made

anyone over 18 is on lease. your lease should also state that all tenants are jointly and separately liable for rent payments. that means each individual is responsible for entire rent, as is the group as a whole. this means if one person gets up and leaves, and rent stops coming in he is still liable and ends up with eviction on his record. this makes him pay up or force other people out. in your case, if mom moves out and son refuses to pay rent, she has to pay or end up with eviction on her record, exactly the same as though she was still living there 

It might be a good place to hear what others are doing and what potential investors want to see out of a project: Austin Real Estate Joint Venture Investors' Forum

You better watch out for foreclosure rescue laws in your state, and FBI and Attorney General's office really doesn't want any consumers messing around with peoples houses that are behind on mortgages doing creative dealsForeclosures and short sales are not a place for you to make a lot of money these days unless there's a huge amount of equity, and even then unless you buy the house out right for cash (ie what not to do is you cure the note and buy on subject to) you're risking getting the authorities involved with foreclosure rescue activitiesYou might consider a joint venture with the seller150,000 minus costs to sell of 10% 15k = 135kPay the 112k = 23k - 10k in repairs = 13kI would see if you could split the 13kGive him a note for 6,500 , Fix the house and resell and make 6500