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Some additional advice: Document the agreed scope of works. Have plans and permits if they are required. Document the agreed budget (and monitor that budget). Document the proposed time line. Document the agreed profit share arrangement. Agree on the rental payable, even if it's not paid...

You could both, by agreement, caveat your "interest" in the property. The caveat must have a value, and that value must be set out within your agreement. This would provide protection for any money you tip into a property you don't own. In this way, when the property is sold the caveat would...