JV with Property Owner Fix and Flip - Input Please!!
Hello Fellow BPers,
I'm considering doing a JV Flip deal with a property owner. I've been advised that it is possible, and they would simply add me to the Title via quit claim deed. I also plan to form an LLC between myself and the homeowner(s). There will be no acquisition cost for the property as they own it free and clear, but I plan to secure an HML to complete the rehab. I will have total control/responsibility of the actual rehab, as they are not investors. We will split the profits (haven't negotiated exact percentage as of yet).
I welcome any input from those of you who have successfully and/or unsuccessfully completed these type projects. What were some obstacles? How did you structure the split? Any suggestions on specifics that I should be sure to address in the negotiation and subsequent contract?
Also, any asset based HML's funding this type project in Atlanta, feel free to connect.
Thanks in advance for your input and advice...
Happy Investing!!