What to Look For in a Team

[Donald Spivey]

I am new to the real estate investor world and need a little bit of advice. What do you look for in a partner? What are some standard agreements? What questions should I ask?

Scenario: There is an individual that I know from a professional group that I am a part of (nothing to do with real estate). He told me several months ago that his primary job is real estate investing. He partners with investors to buy and sell properties. I called him up the other day to ask some advice on a house that my wife and I are selling. Through a series of conversations, we began talking about working together (flipping) and splitting the profit 50/50. He has been doing this work for over 20 years.

What are some good questions to ask him? What red flags should I be looking for? 

Thanks in advance...