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With your question it seems like there have been many responses for "get legal advice" and "put it in writing." Let's assume that you're intellegent enough to do things the right way in that arena.For example, I trust my brother completely. If I were to be in a situation were we both placed 15k down and he lived in the condo for a few months there would be a 2 things might suggest when structuring the flip. Split the cost of everything and the profit at a pre-determined ratio. 50/50, 60/40, 72/28, whatever we choose.1)If the condo fee includes great amenities that he is using instead of paying out of pocket (gym, pool, internet, clubhouse living room), I would ask that he cover slightly more of the condo fee or buy me lunch more frequently, but I wouldn't expect him to pay for the whole amount.2) Pre-determine what the rent would be for the unit before remodel. Monthly collect the rent and place it in an escow account. Upon sale treat that rent collected as profit. Also, evaluate the business and personal relationship you have with your partner. What is the potential that they will do more business with you in the future? Regardless of what you decide just remember that it's important for you and your partner to feel like you are both benefiting from the arrangement and doing the right thing. The stress of a broken relationship wth someone important is usually more long lasting and stressful than a bad investment.
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