financing and partner advice

[Jeff McNutt]

My name is Jeff, I am in the St. Louis area.  I have flipped 2 houses with one in progress.  First house profit was 45K split 3 ways,  2nd was 30K split 3 ways and this one will be around 30k split 2 ways.  From the time we find a house, close, flip and find a new one it had been about 12 months.  We have done all the work ourselves minus some foundation and heating/cooling work.  I would like to do multiple flips a year by hiring someone to do some of the more time consuming work.

I think my partner and I are on a different page and may not been staying together after this flip. I am trying to figure out what some good options may be for financing in the future. I am new to most of the lingo and my skills are in the rehab process and my determination. I have learned a lot in the past few days from this site and the podcast. If my father is willing to get involved to help with financing does anyone have suggestions on how to set that up. Should I form an LLC and include him in that? Should I do it all in my name and basically take a loan from him. I know there may be legal obstacles so I would take with an attorney to set that up.

Any suggestions (sorry if that was a little long, I shortened it 3 times)

[Vince Mayer]

@Jeff McNutt

You could set it up as a mortgage with your Father as the bank. You would set the terms of the loan, (interest rate, split of profits, length of the mortgage which is usually one year or less) and how everything would be paid out. If you default, your Father can foreclose.

Does he have a self directed IRA?