Hi All -
I am in the process of doing a deal with someone else. I will be bringing in the down payment and holding costs. He brought the deal, put it under contract, everything is set through his LLC (I came in about a week before closing date). We have a JV agreement in place. I wanted to get on the title/loan, but it's only few days 3 days before closing and the (Hard money lender) said that they only feel comfortable going with the original LLC as they are many changes to the contracts happening, and they haven't met me or know nothing about me.
I have done one deal with this person, even though this one will be a different deal and I will be bringing more money on the table. I wanted to be on the title/loan more for protection and peace of mind. As far as I am concerned there is no red flag, weird feeling from the other person.
Would a JV agreement be enough protection in this case.
The deal is a complete demo and rebuild, then refinance into an llc that we will be both member of, with an operating agreement in place.