Finding investor partner on current deal

[Kim Wennerberg]

Hi all, first time posting here and welcome your experience and advice with a deal under contract and scheduled to close in 2 weeks.

I had a partner funding a flip - he was funding the purchase & rehab. We were splitting profits and I was handling the contractors and work.

He decides this afternoon he wants to bail (even though he was pushing for a closing this morning). Saving you dramatic details, I just don't think he wanted to do it to start with and drug it out when he should've bailed before we started.

Deal is in his name - it's Freddie Mac owned - so no assigning. He said he would sell it to me in a double close if I got a new partner. I have no guarantee he will do this of course, after his flaky behavior this past week - but I'm going to present an offer anyway.

Here's my question: I'm talking with a contractor who may want to partner in the morning. I also have a couple of people I can approach just to fund it, I pay interest. I'm scrambling to make this work - HOW WOULD YOU GO ABOUT APPROACHING MULTIPLE INVESTOR PARTNERS AT THE SAME TIME when there is such a short deadline? I don't want to tick off the contractor and say, "I'll let you know - I may get a better deal from somebody else!" Does that make sense? But I don't want to approach each person one by one and lose all my time to work this deal out.

I'm confident enough that (a) it's a great opportunity and (b) I'll find the right funding (I don't give up easily) that I'm willing to tell ex-partner that if I don't find a buyer, I'll give him his $1000 earnest $ back since he would be canceling after inspection deadline.

I actually already have a buyer waiting for me to contract with them - which is also part of the reason I feel so strongly about this. I feel like I committed to this precious family, so it isn't just about me and my profit. They are in love with the house, preapproved with the awesome lender I've worked with for 12 years and are willing to wait for the renovation. Projected profit after closing costs and fees should end up between $47,500-57,500. Advice? Questions? Thank you in advance for slogging through all this!!

-Kim