I have a buyer of one of my wholesales wanting to make a deal for me to "stay involved" as a partner in some way. He wants a local partner with equity, not a straight management co. The deal is I got the house at 32 and wanted a fast flip so i told him 35. My partners don't know about the side deal. They are not really interested in dropping it any to get an equity (what % would a grand be anyway?) so I'm looking for a creative idea. one idea I had was to do management (10% gross savings) for 15% partnership. Sounds OK, maybe not. Thoughts? How do I protect myself if (since he is 85%) he does something stupid? hold harmless? Just be an equity/financial partner (except he wants me as local to be a decision/active partner).?
I have a buyer of one of my wholesales wanting to make a deal for me to "stay involved" as a partner in some way. He wants a local partner with equity, not a straight management co. The deal is I got the house at 32 and wanted a fast flip so i told him 35. My partners don't know about the side deal. They are not really interested in dropping it any to get an equity (what % would a grand be anyway?) so I'm looking for a creative idea. one idea I had was to do management (10% gross savings) for 15% partnership. Sounds OK, maybe not. Thoughts? How do I protect myself if (since he is 85%) he does something stupid? hold harmless? Just be an equity/financial partner (except he wants me as local to be a decision/active partner).?