Joint venture strategy Advice

[Amit Barman]

I am working on a house flipping deal, where I am putting sweat equity as an architect and construction manager, and investor is putting his money. We talked about 60-40 profit sharing where 60 is his. But he likes to buy the property on his name not to the venture. Naturally I am not feeling comfortable with that condition, as after putting all my hard work, at the end of the day, there is always a possibility of him walking out alone not sharing the profit with me. I was wondering if anyone made such a deal, if so, what is the legal way to make this venture work, so that both party feel comfortable.

[Will Barnard]

As others stated, don't do anything without it in writing and you have every reason to be concerned regarding protecting your interests.

First, I recommend you speak to a RE attorney. Second, a JV agreement should be drafted and both parties should go on title. Another option is to have one party on title with the other holding a recorded deed of trust to secure their position.