Partnership Help for a first time investor

[Michael Arnold]

hey all!

I recently asked an experienced investor to partner with me. He agreed! BUT, his terms are to do a 50/50 split where he just sees that things go right and cash flow is certain. Basically, find the property and my part will be to get the mortgage and put my name on the house with him as "second". He's on the board of my local real estate association so there's some trust there but I feel very cautious because this would be my first deal. He brings the knowledge and experience and I finance it (with VA loan) all at 50/50. Any advice would greatly be appreciated. Thanks, Michael

p.s. he mentioned that we both have separate lawyers look at it. I am nervous (Because my first deal) and hope this is a typical setup for a partnership