Help on this Partnering deal

[Tyler Duffin]

Hey guys, I am fairly new to this new world of real estate.  I have recently "caught the bug" of real estate investing and have been trying to learn all I can about it.  

I NEED YOUR ADVICE. So, I recently came across a fairly experienced investor who wants to go in a partnership together. His plan is to set it up in an LLC and look to acquire single family rental properties. We would go 50/50 on everything. Now you are probably wondering why he would need me as a new investor. His problem is that since most of his cash is tied up in other properties, he wants me to be the money partner. Since I am liquid, and have good credit, I could help qualify for loans and refinancing and make any down-payments if needed. Ultimately, the properties would be in my name while he would be the one finding the deals and doing most of the work as he mentors me.

Is there any red flags that are visible in this type of partnership?  And how do you ensure that you are picking the right partner? especially with all the sharks out there. With being ignorant of all this, I could see myself being an easy target so I want to make sure I am making the right choice.  Any advice is appreciated.  Thanks!