I NEED a Pro's help. My first deal.

General Real Estate Investing
1

Hey All,

What do you think?

I am trying to figure out how to structure this deal.

- The original plan was to lease-option and utilize a cash partner to back the deal (in case of a problem renting in December).
- This of course, would mean two (2) separate contracts. With two separate people.

- The New plan, that I offered her, is that she play the roll of the both the optionor and the investor. 

     - I will find a tenant and manage the property.

     - She will cover the mortage until we get a tenant in there.

     - She will cover any tenant damages and any building problems.

     - We will split the rental profit.

     - We will split the potential future profit.

I don’t know if I messed up when I asked her to lease option the property to me under one agreement. And then fund the deal under a separate agreement.

 ??? How should I structure this ???

I have a meeting with her in the morning!

What do you think?

Thanks,
Dan Nelson

2

Dan, I’m not sure I understand what you’re doing here. Seems like you have complicated matters unnecessarily.
First, are you the property owner? Or are you planning to lease option this property from the owner, and then turning around and attempting to sublease it to a tenant?
If the latter, why do you need a partner? What contracts are you using in the deal between you and the homeowner?
Some details, please.