Formalizing an Investment Partnership

[Mikaela Hall]

I am just starting out in and have identified an promising multifamily property. I am going to partner with my contractor in the deal where he has the cash but I have the credit and income history to get financing. The investment will be mortgaged in my name, but we will effectively be 50/50 partners. I would like to protect us both by creating some kind of legally binding contract that protects us both. What have been people's experience in handling this type of situation? Have you hired a lawyer or simply used a partnership agreement template online?