I would just caution you not to be a pioneer on your first project - that's how it can easily become your last.The best advice I ever got (and often repeated on this board and elsewhere) was to find a partner or mentor with proven ability to teach you the ropes.

My business partner had to stop to get a hotel room.

I am meeting with one of my former partners next week and plan to talk about what they are doing in this area now.

Once the property sells, our investors are paid off and we split the profits 50/50.Ultimately, our investors get their return, my partner would get $ to fund more deals, we are both compensated for the work we do, then onto the next one.Before speaking with our attorneys, I was wondering if anyone here had any insight as to what documents we would need to use, if you've ever worked with partnerships like this, and if there was a certain entity we would need to file the deal(s) under?

This approach isn't making me rich each month, but in 20 years, if I decide to keep, it'll be paid off and throwing off whatever the rents may be at that time.Sure, making 100k in a flip is great (and looking forward to that deal) but a few more like these and life becomes easy.I saw the benefit of having 50% ownership with finding the deal and dealing with the rehab and the partner made their 50% by letting me use their money for a year.

My partner recently received her real estate license and as a Realtor she gets half as much grief when it comes to asking these questions.

My business partner and I recently bought a duplex for 39,000 cash which should make about 1400.00 in gross rental income per month, which we feel good about.

Ultimately, our investors get their return, my partner would get $ to fund more deals, we are both compensated for the work we do, then onto the next one.

.@ Scott- My quick thoughts were to either wholesale it our partner on it, but not sure this is really a deal after seeing the property.@ David- The property lot size is ~14000sqft.

My partner and I own 3 properties there.