Partnership Contract Guidelines

[Naeem Kapasi]

Hello BP nation!

I am going to buy a fix and flip with a partner and to protect ourselves, we want to get a contract between us that describes the partnership and how things should go in a 'smooth partnership'. I reached out to a lawyer and she said that she can make an initial draft for $750, and then will charge $250 for every hour she has to spend editing the contract to our liking.

Now obviously, I don't want her to spend a gazillion of hours editing. But that also means that I have to provide the guidelines of what we want to have written in the contract. All of you who know this stuff better than me, what type of things do you include in a partnership contract?

-Profit split

-work load division

-what else?

Thanks,

Naeem