How do you make sure you're creating a profitable partnership?

[Account Closed]

Hello Bigger Pocketiers! My name is Daniel and I am generally new to real estate. I have no investments YET but I've been doing personal reasurch for the past year or so. I've been doing what everyone says witch is to tell everyone what I am interested, mostly multi family rentals, and I've gotten mixed feedback of course. I will spare you the long story but recently I was aproched by an old friend from highschool who comes from a "well off" family. Both he and his brother are also interested in real estate like us. We have a standing meeting this weekend while they are in town and it was implied that we would talk about investing and my thought would be to start a partnership. But before we start talking deals and numbers my question for the community is, how do I know we are the right match together? What kinds of questions do I need to be asking? How do I bring up this kind of conversation? Any comments would be tremendously appreciated by me so feel free to tell your story or just leave some advice. Thankyou all your help!

[Antoine Martel]

I think that you need to first understand their needs. 

Know what they're looking to get out of the partnership. Do they want cash flow? Do they want to grow their capital?

Then from that you can either make this person a JV investor, PML, or have them just buy a property from you on the backside.

Understand what they want, and make the partnership give them what they want for funding your deals :)