Questions About Partnership Deals and Contracts

[Chris Sackinger]

Hi BP- I hope this is the right forum for this question. I am partnering with a GC on a flip and wanted to ensure we both hold our ends of the relationship. I will be purchasing the property and the GC will do the repairs. I am not expecting anything out of pocket except for the funds to purchase. The question is do we need a contract explaining the roles of this relationship and what is expected? Should closures be stated for performance? Should separate scopes of work be completed for each phase of the project (i.e. Kitchen has cabinets and appliances). How should we protect each other in turn protecting the partnership? Any pointers are appreciated. Any articles would be wonderful too. Thanks BP.