Got the deal + got a private investor - need help
This is a short sale. The deal was approved at $133K and the ARV is around $300K. The repairs will cost around $20k (I already walked it with my construction guy). I do not have the cash to close but I found someone willing to be the investor. How do I proceed? I have to create a note and an agreement of some sort. Any guidance would be greatly appreciated.
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First thing is to get an ironclad partnership agreement that will spell out exactly what you and your partner's roles will be, who will contribute what, how profits will be split.....answer every imaginable question now because doing so is far easier than later on. You can take a partnership template (google it) and fill in and add and change to make it fit your needs then have your atty review and make changes. This is often more cost effecdtive than having your atty draft the whole thing from scratch. Sometimes not though depending on the atty (they have templates too). At the very least, the template will let you know what info your atty is going to need to put the thing together.
How are you going to take ownership? LLC?