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Joint venture

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I am thinking of asking my brother-in-law if he would be interested in a joint venture in a buy to sell property. I live in London and currently in the process of buying the remaining share of my shared ownership flat. Once I own the property and I have held my new mortgage for six months I am thinking of applying for a buy to let property and renting my flat. I am then thinking of buying a property in Eastbourne where my brother in law lives. I am looking to buy a property that needs work and I would also live in the property. My brother in law is a builder and my plan is that we complete the work in six months as my brother in law would only be available at the weekend and maybe a couple of evenings a week. After six months I would like to sell the property. The mortgage would be in my name and I would pay for all the costs. I thought I could pay my brother in law a percentage of the profit less costs and I was wondering what would be a fair percentage to offer him? I would also ask my brother in law to find the property so that would be additional work for him.

I'm new to property investment so any advice would be appreciated.



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