Starting out partnership questions

[John Conner]

Good Afternoon fellow BPers,

Long time lurker but just got to the point where I am ready to start my career in Real Estate. I currently work for a mortgage company making $40k a year and am a senior in college for Business Finance. i have around $30k in the bank and currently own a townhouse. I am currently looking to sell my townhouse and buy my first live in rehab and my best friend is going to live with me. He is VERY handy at anything with wood or electrical which would be the other side of the partnership. He practically built a whole kitchen for his parents. Now on to the questions:

1. I would be putting the $$$ up for a down payment and probably the repairs but he would be doing the repairs to the house. How would you structure this agreement?

2. Any tips from someone who started out in a partnership and is still in one today? or even if you are not in one still and where it went wrong?

3. Any other tips in general would be extremely helpful. We are looking to start this in the next couple months. 

Thank you, 

John Conner