Colleague wants to partner

[Mike Margetts]

So I've been buying and holding rental property for the last 7 years now and have been in consolidation mode for awhile.  One of my 2015 goals is to grow my business and have been actively looking for deals and how best to finance them.  

A colleague of mine has been watching me do this over the years (day job colleague). Recently he approached me wanting to form a partnership. He has $ but no experience. It sounds really exciting and is a bit serendipitous....But! as exciting as that sounds I am also leery of partnerships.    I've never done one and not 100% sure I want to.  The partnership could really help me reach my 2015 goals but partnerships can be full of pitfalls.  Can my BP community give me some pointers about how to form a partnership, what to look for, advice?