Partnership Agreement - Rehab, Paid based on Selling Price
Hi everyone,
I'm about to take a Project Managment opportunity on a SFH rehab in central Florida my friend bought sometime ago. I'm gonna be "boots on the ground", handling all the repairs, design, marketing and sale parts. My partner will be guiding me - I have some knowledge and experience in RE but my partner is a mature investor. Therefore I'm looking for advice on how to structure our partnership agreement. I will appreciate any comments, especially wording/forms/templates to be signed between us for this kind of a deal. I believe it has to be on paper. We agreed that my compensation will be based on my success and efforts I put in, which we will know once we sell the house (20-30%). It's a big risk for me as I'm moving to FL to take this job and gain experience. I'm excited and grateful for this opportunity. But I also need motivation and clarity to know exactly what's in it for me financially. I'm investing into my relocation and turning down other opportunities for the next few months.
Thank you all in advance,
Feel free to message me if you have any input,
Best of luck,
Anastasia