I a 50/50 split deal on fix & flip property common for mentor?

[Tom Kairys]

Hello BP,

I am a newbie in REI and I live in Chicagoland. Just recently signed up with BP. So far it's been great! Trying to study hard and read forums as much as I can. I decided to start my REI career with fix & flip properties since it would build my account faster than buy and hold. After some flipping I will be looking to get into buy and hold single, duplexes, triplexes, quads and maybe do an occasional flip. Having said that, I need help in finding those flip properties and figuring out how the deals are done from start to finish. So, I came across the posts from other new members looking for help. This one investor offered to help us. So, I emailed him. He says that he will teach me everything how to find properties, negotiate, structure the deals, exit, etc. from start to finish. He wants 50/50 split after the closing on fix & flip property and $5k for buy and hold property. The whole fix & flip deal would be financed by my money and it's around $80k. Just trying to get an opinion from you guys, experienced investors, if those type of mentoring deals common and I won't get burned? Want to get into action as soon as possible, however, that's all the hard earned money I have and don't want to loose it all on my first deal. Any advice would be greatly appreciated!

[Nino Alfano]

People offer this service?

I do this everyday for free. ? I didn't know this was a service. All I have read is that it's a scam help me get back my money. This seems to be structured differently.

So he is your JV in terms of showing you the ropes? But you fund the entire project?

And he makes a fee to rehab and 50% of the profits?

Ouch. You need a mentor not someone to take advantage of you.