Partnering with Realtor on First Flip - Question
Hi, I'm a new investor, and a realtor wants to partner with me on my first flip. He will find the deal (60-80k SFH), cover the down payment (6-8K), and repair costs (20-30k), and I would take out the mortgage on the house (15yr or 30?) as the tenant and cover the monthly payments for 3-4 months before it's flipped at $130k+ for a profit of around 20k that we'd split.
He has experience flipping before but doesn't want to take on the mortgage since he already has a loan out for another house, plus he's the realtor selling the house. I would need contracts to document our arrangements in case anything falls through, but I wanted to see if anyone has experience executing a flip this way.
Any feedback is appreciated!
Thanks,
Casey