Condo Development Partnership
IHere is my situation.
A friend of mine is doing the underground work on a condo development. The developer/builder is getting older and doesn’t want to do the building anymore. He has offered to sell the project after the development is complete and ready to build.
My friend approached me and asked if I would be interested in getting involved. I am a small builder/renovator and have never been involved in a project of this size. This is a 42 unit project. All building plans have been approved.
Our initial meeting was brief. I got the impression that he would handle the financing and I would handle the building. We have another meeting scheduled.
My question is how would a deal like this be structured? I am capable of handling the construction but not the financial end of the deal. I believe he can handle the financial end but doesn’t want to deal with the day to day of construction.
How would I approach this deal. As a partner in a new llc, or just fee based as a builder.
Any thoughts would be appreciated.
Thanks, Gary
Sorry, Had a little trouble posting.