Working with a partner
So I just got a nice lump some of money from a cash out refinance I did on my rental property that was free and clear. So now I was thinking about partnering up with a guy I know who is a broker and also renovates properties. He found a good deal that should cost $65000 to get not including closing costs of about 3.5%. I have the money to buy the property with cash and to renovate it myself if I wanted. He says that he will pay for all the renovations on the property which are about $20000 and we should be able to put it up for sale for about $120000. He is saying that we could split the profit 50/50. My question is should I split it 50/50 being that I am putting up the majority of the cash to purchase the house? How should I go about this the smart way? This would ve my first flip. Thanks in advance.