I currently own a rental property that I am looking to fix up in order to sell. The fix up will require a significant investment. I would like to create a partnership agreement with my son where I want to recover a minimum amount from the sale and my son will receive the difference between my minimum amount and the final sales price. I expect to fund the fix up. My son is managing the fix up and sale.
For example if I want to net out $300,000 but will require $100,000 investment and the property is sold for $500,000 then I would receive $400,000 back and my son would receive $100,000. Income taxes need to be considered.
This property is in Georgia so I would prefer a Georgia attorney.