First possible flip
My girlfriend and I who is a Realitor recently bought our first rental together and met a handyman who fixed the place up and now wants to do a flip with us. His proposal is we buy the property and he buys the material and does all the labor. Once we sell the property we minus the amount we each out into it then split the profits 50/50.
He seems to be a smart good contracted after working with him on the rental. I like the deal because both sides assume financial risk... I guess I'm just looking for issues that could come up. Here's a few I've brainstormed
1. Proof of funds to purchase materials
2. Contract that requires all receipts of material purchased.
Any input would be great! Thanks