Vetting potential partners without revealing deal details
As a Solo 401k investor, the LTV requirements for non-recourse loans is putting a current possible deal for me a bit out of my price range. There is a lot of opportunity in a particular property I've been looking at, and I don't want to let it slip away but it's pushing the limits on what I can afford or am willing to put in - leaving very little room for extra capital needed for extra rehab/holding costs that may come along.
I thought this would be a great time to partner on the deal I'm curious how to go about sharing the details of a great deal with someone I don't know. What would keep an unscrupulous individual from stealing the deal once they have enough details to find it? I know most of us here at BP are stand up folks but sad to say, I've learned the hard way many times, to default to a defensive stance.
At some point I know I would have to reveal enough of the deal to make the potential partner comfortable to agree or not.
It seems a bit like a hostage swap - at some point you just need enough of a comfort level to let it go and trust the other guy to not be a dick.
Thanks for any advice you can give on this matter.