How To Structure MH deal/please help - Posted by CHARLES
Posted by CHARLES on January 19, 2000 at 22:09:51:
Here?s the deal/ found some Land in foreclosure. Comps are $34,000 and they’ll walk for payoff of $19,500 approx.
Land payoff is $19,500
MH new loan (in my name) $40,000
Total ?IN? $69,500
Resale value as per comps is $80,500 say
Profit is $20,000
My friend is lending me $3000 for the downpayment for the MH/Land LOAN ?
We are agreeing on a 65%/35% split of the profits
Question- HOW DO WE STRUCTURE SOME KIND OF ?PARTNERSHIP? TO SPLIT PROFITS, AND HOW SHOULD I/WE HOLD TITLE???
whoever has had experience in such joint venture deals, please help so I can close this before the land is foreclosed on.