Joint Venture Duplex

[Daniel Patton]

I'm sure there are many creative ways to do this, but does anyone have a recommendations on how to structure this example? Potential Joint Venture on a duplex that two investors plan to rehab and refinance. Investor A lives out of market and finds the duplex significantly under market value. Plans to use hard money for 85% of purchase and all of rehab; 15% out of pocket for purchase + closing costs. Investor B lives in the market and visits the property to estimate rehab and confirm that it is a solid investment. would be in charge of the project, oversee construction, responsible for getting the property to the estimated ARV. Property gets finished and then refinanced and investor A gets their cash back out upon starting new mortgage. each investor agreed to take one of the units to own and rent out, assuming they are equal in value. My question is 1) seem like a fair split? and 2) how to structure the agreement between the investors from start to finish