Austin, Tx, Fix and Flip, Partners
What advice do you have for creating a partnership for doing Rehabs. I am thinking about trying to put one together here in Austin, Tx. The thought is that four or five people that have jobs but want to be involved in a "fix and flip" could do so at lower risk.
Of course there could be conflicts without some good guide lines to start.
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Seems like lots of cooks in the kitchen. Everybody's role needs to be defined, written down and notarized. You don't want 5 different people and their spouses deciding what flooring or cabinets to put in. You don't want one of their closet dream of being a trim carpenter to come to fruition and decide they will do the carpentry work to save a few $$$. Or one of them to hire their loser painter nephew who painted a wall one time so they can help him out. Personally I think it's too many personalities to get involved in something like this.