My contractor offered me a partnership on his next house flip, what can i do to protect the money i will invest?
Speak to an attorney. Maybe if you purchase the property 100% yourself, have him do all of the work, one of you pays for all of the materials and when it sells, you split profit 50/50. If anything goes wrong the house is already in your LLC name (no need to foreclose - just find a new contractor). Make sure he is licensed and insured for everything he is doing. Have him add you to his insurance. Just an idea. A number of ways you can arrange it, depending on the price, resale and the amount of work that needs to be done.
Thanks for the reply, I'm definitely going to look for a lawyer I didn't even know I had to have LLC.
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