Unique Partner Arrangement
My primary focus will be on buying properties sub-to and/or lease options, HOWEVER, for those times where deals come up where more traditional financing is more appropriate, I have a partner, and will be using partner's credit with MY cash/time/know-how to buy real estate. The arrangement we have is that properties will be purchased in partner's name with financing through mortgage co, and partner will quit claim the deed to me. Partner will get a $1-$3K fee and I'll take care of the rest.
My partner lives 2 hours away from where we will be buying, and would really like to be as hands off as possible; ideally not having to do anything but provide the credit and collect a few K.
My question is since partner is so far away, what are the best ways to handle the paperwork with as little effort required on partner's part, and least inconvenience for all involved?
Also, another thing just jumped in my head as I am writing this...as a hypothetical, say I find a house with a FMV of $100K and seller accepts $80K. Can I then assign the contract to my partner at the FMV of $100K, collect the $20K difference and then proceed with my exit strategy of the house? (Let me know if I'm getting "too" creative here!)
I hope my little hypothetical aside didn't confuse everything. Either way, I would like to know how to best take care of the paperwork...
I know I need to talk to a RE attorney. I'm just trying to get a feel for this "plan of attack" so I know what questions to ask and make most efficient use of his time.
Thanks for replies.
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