Updated almost 6 years ago on . Most recent reply
How should profits be divided?
A long time friend came to visit from out of state and I seen an opportunity to bring him in on a rehab I've been wanting to start.
Forming a new partnership on a flip. My partner is a licensed general contractor (not currently bonded/insured in state rehabbing). Along with hired workers he will be performing the rehab. I am moderately skilled and will also be working on site 4 days a week.
I brought the idea, found the house, as an agent I have the local market knowledge, I'm negotiating the deal, found the hard money lender, put the package together and will be selling the home once complete.
Should profit be shared equally?
Thank you for input!