Terms for Partner Agreement

[Alex Corrion]

Hi All, 

I am a new investor and am looking to get into a few duplexes in my area over the next year. I have a partner who is also a friend and I am wondering what type of legal paperwork needs to be done before we actually purchase a property together. 

I guess, I am looking for guidelines on what needs to be decided as a team and what one investor can do without have to call the other investor before fixing small problems that still cost money. Also what type of agreements make these partnerships last into future deals. 

Thanks, 

Alex