Partner is buying house in their name, & I'm doing all the work.

[Robert Abasolo]

Hello BP Fam!

This is my post here and I hope you can help.

I currently have 3 deals in the works with different partners. 

The deal: The partner fronts the 10% downpayment, puts the loan in their name and fronts the cash for the furnishings. In return, I will set-up and run the house as a short-term rental(my specialty). All profits will be paid to the partner until their initial investment is fully repaid. Once they are repaid, all profits will be split 50/50.

My question: Is there a way for us to draw up a contract that makes me a 50% owner, and equally liable for the debt? I can't be on the loan due to a high DTI.

[Account Closed]

Originally posted by @Jack B.:

Originally posted by @Account Closed:

Originally posted by @Robert Abasolo:

Hello BP Fam!

This is my post here and I hope you can help.

I currently have 3 deals in the works with different partners. 

The deal: The partner fronts the 10% downpayment, puts the loan in their name and fronts the cash for the furnishings. In return, I will set-up and run the house as a short-term rental(my specialty). All profits will be paid to the partner until their initial investment is fully repaid. Once they are repaid, all profits will be split 50/50.

My question: Is there a way for us to draw up a contract that makes me a 50% owner, and equally liable for the debt? I can't be on the loan due to a high DTI.

 You can set it up so that your partner puts up the cash, you put up the work, and you both split the profits 50/50.

 He just said the partner puts up the cash, he puts up the work and the profits will be split 50/50. Did you not read the post? You are telling him to do what he is already doing...yeesh.

His question was whether he can get the debt split legally 50/50, which is beyond...ummm...a bad idea. He is already getting 50% of the profits for doing low level grunt work without having to put in any cash or take on any debt. So he basically has zero risk and wants to take on risk by being on the loan somehow.  I'm honestly astonished...

@Jack B. Relax.
I was affirming his idea. He's obviously new and needs it spelled out. He didn't ask if it was a good idea, or if it was fair or if it will rain tomorrow. He asked an honest question and you went ballistic. No need for that here. People should feel welcome to ask their questions without your hostile answers.