Advice needed for 50/50 investment /rental purchase

[Chad Reynolds]

I'm looking for advice as I start a 50/50 investment with a partner.  I have read a number of warnings about going into a 50/50 arrangement, and need to get more specific advice.  

I am considering beginning a partnership with a trusted acquaintance/friend in a home purchase - a home we would both own each putting 50% of the down payment, closing costs etc.  My aging parents will be renting the house back from us, and I know that this will mean a few years of dependable rent, and fewer landlord headaches.  The partnership/investment arrangement we have discussed seems to fit both of our financial and personal objectives.  In moving forward with partnership, we want to meet with a real estate attorney to have a number of "what if" clauses addressed for when the time comes.  Any advice is greatly appreciated.