Partnership Proposal for Rehab and Hold - Quadplex

[Nicholas A.]

Hello,

I am in the beginning stages of partnering on a Quadplex deal. I want to get the partnership structure taken care of ASAP so we can agree/disagree, negotiate and move on.

My partner is out of state (California), and he will find the money (his network) for the down payment. According to my understanding, lender will cover 100% rehab, so we just need closing costs (fees, inspection, appraisal, down payment etc).

I am local to the deal. It’s right down the street from my short term rental property.

I will coordinate and manage rehab with the GC that we higher. 

I’ve never done this before, so I need some input if it’s available. 

Do you have a document to share? PST partnership proposal?

Is 50/50 fair?

I am all ears!

Thanks,

Nick