Partnerships: How to protect yourself

[Julieta Pina]

Hi BP, I'm a newbie and looking to venture into my first partnership for a fix and flip. I'm bringing the funding into the deal and my partner is bringing in the rehab expertise. My question is, what steps does one take to protect themselves when they are the one bringing the money into the deal? What's to stop a partner from dropping the ball and leaving you with all the debt? How do I structure the agreement between partners so I'm covered?