Best Way To Structure A Funding Partner Deal?
I am a NYS licensed real estate agent but a newbie investor moving towards doing his 1st flip in the tri-state area. I'm interested in doing my 1st flip with another investor who would act as a money/funding partner and mentor along the way. I would do all the work from start to finish and the other person would simply provide the money and a little guidance if & when needed (so it would be great if he/she has some prior experience flipping). I would offer him/her 60% of the profit. How would this type of deal best be legally structured/documented legally in order to make it as nice & simple as possible for both of us? I would want to limit it to a one time arrangement but if it goes well, I would be open to doing more in the same manner.