partnering on a flip question

4 Replies

so I have an opportunity to partner on a flip, biggest co ncearn is how do I protect myself, I'll be handling all the renovations, permits etc, he will be securing the funding. look it to do a profit split. any help would be grear

What are you looking to protect yourself from? you could both set up an LLC and hold the property there if you are really concerned. If you are looking to protect yourself from your partner a written contract would probably be best.

It's not as easy as doing everything yourself.  But if you want everything in check, you should have an attorney write up a partnership agreement to share in all profits/losses equally (or whatever the specific agreement is).

@Aaron Klatt basicly protect myself from not getting my proifits at the end, I will be having a partnership agreement drawn for sure, but like my contracting business contracts really are useless at the end of the day. I'm gonna look into the idea of adding me to his LLC might be the safest bet

@Michael Gessner unless you will be partnering on all of his flips it is somewhat unlikely that he would want to add you to the LLC, the partnership agreement written up by an attorney may be your best bet.

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