What Is An Acceptable Partnership
I have a property under contract that I plan on fixing and selling that needs an incredible amount of work. However, I live out of state and wanted to create an arrangement that will benefit myself--the purchaser and the contractors in a way that will give them some incentive to move the project in a timely manner as well as keep costs under control.
What percentage, if any, should I offer in the profits? Or should I just hire them and pay their fees. I plan on reviewing and playing a major role in design, etc.
Any thoughts can help. There is close to $250K in the deal, so I want the legal/business structure to be as clean as possible.
It may be simpler to build incentives into the construction contract--bonuses for work completed prior to the target date and penalties for going beyong the contract date.
Also consider adding the requirement that you approve in writing any variation above a certain percentage in the scheduled costs of any line item in the contract (i.e., if the cost of roofing tiles goes up by x%, you have to sign off). This should allow you some control over expenditures without troubling you with the day-to-day minutia.
I hate to be so vague in this answer, but the question comes down to what it says in the "trust deed" you signed. That is, what rights did you retain and what rights did you concede to the other guy?
Here is how a military lawyer may be able to help you. (1) Looking over the "trust deed" and seeing who has what rights. (2) Finding a referral for a RE lawyer in Tucson who can help you out. (As you know, often there are retired military around bases in various jobs and professions. If there is such a lawyer, he might fight extra hard to put the screws to someone taking advantage of active duty personnel.)
Best of luck.