How to structure the private money deal
So I am looking for my next flip in Houston (wholesalers, let me know if you have anything!)
The reason I am writing this post is that I have two friends who want to lend me some money for the flip (I will put in some money of my own as well). In return, the three of us will share the profits equally between us. I have two questions related to this:
1. I want to set up a contract between us, that states that they are lending me money, and we will share the profit etc etc. Basically the terms of the loan. This is to protect ourselves, from each other, in case something goes wrong.
2. Who will own the house while it is being remodeled? Me alone, or the three of us?
If you have any other advice, please feel free to share them with me!
Thank you in advance!