New Partnership Advice

[Scott L.]

Greetings all.

I'm looking for advice or examples of existing partnerships that work for folks, as I try and figure out how to take advantage of two guys that bring different skills to the table.

Me: small time investor with a cash flowing duplex in my current portfolio, my first and only deal about 2 yrs ago.  Self managing and learning the way of the world.  Good with business and numbers, good credit, cash on hand.

Him: general contractor, with working team, has experience doing the general work for others to flip a house as a contractor, is handyman capable etc.

Seems to me that a lot of you out there have probably partnered with someone just like one of the two of us.  If either of us were the other, we wouldn't need a partnership.  I can work a hammer, but I can work a calculator and vice versa. 

I would love more buy and hold cash flowing rentals, he would be fine with that as well, but not opposed to flipping.  I was considering going into a small time deal together, to get our feet wet, maybe a low risk flip and see where we end up? I dunno?

Would love to hear some examples of how you may have structured some deals together with folks.