Equity Partner

[Bill W.]

We are just starting out and we are going to partner with my wife's brother because his credit score is much higher, has equity, and no time. We have the time to find deals, get them under contract and do the rehab, but with a bankruptcy and some tax liens on my credit I cannot get a mortgage. Our goal is to do four fix & flips and 2 rent & holds in the first year. He will provide the equity we will provide the sweat equity, we will house everything in an LLC. The questions......How do we set up the profit share? Is my contracting time considered an expense, or is it part of the sweat equity piece? I will not be taking a salary but working for percentage of profit, is this the way to do it?

Thanks for any insight.