What is the name of your state? Texas
I am in the process of obtaining credit to acquire land and construct property in Texas. My assets are being used to qualify me for the loan, hence ALL of the financial risk is mine since I will be the only one signing the loan documents (ie. assuming the debt). The total loan amount is expected to be approx. US$1.8 million
My partner (whose idea it was to build these types of properties in this particular location) has offered to provide the "sweat equity" meaning he will be the "construction/project manager" to ensure the structures are successfully built. He will work for a percentage of the sales profits and/or rents. He bears no financial risk since he is not co-signing for the construction loan.
Considering I bear 100% of the financial risk in case something goes wrong, how can I structure an agreement between us to ensure my interests/rights are protected and to aviod future litigation involving " it was my idea!; well it's my money!"
thanks in advance
I am in the process of obtaining credit to acquire land and construct property in Texas. My assets are being used to qualify me for the loan, hence ALL of the financial risk is mine since I will be the only one signing the loan documents (ie. assuming the debt). The total loan amount is expected to be approx. US$1.8 million
My partner (whose idea it was to build these types of properties in this particular location) has offered to provide the "sweat equity" meaning he will be the "construction/project manager" to ensure the structures are successfully built. He will work for a percentage of the sales profits and/or rents. He bears no financial risk since he is not co-signing for the construction loan.
Considering I bear 100% of the financial risk in case something goes wrong, how can I structure an agreement between us to ensure my interests/rights are protected and to aviod future litigation involving " it was my idea!; well it's my money!"
thanks in advance