All Forum Posts by: Toni Bobko

@JimV7

Thank you for your quick reply! Those are good questions to discuss with him.

I think we both will be investing money into this. From my understanding, he'll be essentially working for free but spending the money on materials and paying those who are doing the work when needed. Those would be his expenses.

I'll be taking out the loan for the property, either in my name or as an LLC.

We both would be keeping track of the money we put into the property, I'm just not sure how to draw that up into an agreement.

After it sold we would pay back our investments first and split the net profit. 

I'm worried I'm over simplifying this.

Hello,

I read some great articles on this app earlier today.

I'm ready to buy and flip my first home. --And by ready I mean, my partner and I have the capital to buy a property in Roselle Park,NJ.

Where do I start?

• Do I buy the property under my personal name or do I become an LLC?
• Do I see a lawyer or accountant first?
• My partner is an experience plumber and capable of doing most of the work/manages a team to do work.  How do I structure a Partnership with this individual?
• I'm assuming we both keep track of our investment into the property (within a budget we set) then that money gets repaid first, then we split the profit 50/50?  Am I simplifying this too much and not thinking of other factors to be considered?