Idea of partnering on a first fix and flip deal

[Angela DeBorja]

It has been a while since I've been on here but I've been active. I have been reading a ton and I'm fearing I may be at the starts of analysis paralysis. My initial plan was using my investment property heloc toward our first fix and flip in Baltimore/Baltimore County. My wife's father is trying to sell his small church in Baltimore City. Nearly half of the funds we had available in the HELOC have gone to church repairs. We are awaiting the church to sell to replenish the HELOC.

I don't want this to be an excuse to wait on taking action. What are your thoughts on working on finding a deal on my own then bringing that deal to a local investor who is experienced in rehabbing small single family homes? My goal would be to let the experienced rehabber get most of the profit, while I could provide hands on assistance and the opportunity to learn on the job. 

[Rich Baer]

Angela,

    I believe that is a solid strategy. Are you going to buy the property yourself or simply have someone else buy the property you found? Either way you need to get your partnership agreement in writing. You can do it yourself. Who will be doing what work and at what rate of reimbursement? Who will be providing funds? Who gets what percentage of the proceeds? Just put into the agreement everything important.

Rich Baer, Esq.