advice on investing with a partner

[Carla Sutherland]

Hi - I'm looking for advice - and shared experiences (good and bad) - on how to set up a partnership with one other person to pursue purchasing and managing properties - SFH and Duplex - in a small town aimed at student rentals.

I'm new to real estate investing, and interested this specific market which is out of state (I'm based in Brooklyn).   I've met an experienced investor who knows the market incredibly well and has a very successful team to support her - financing, buying (she's a registered agent), rehabbing, connections for student renting, and property management.  

She's been helping me look at potential properties and I like them very much.  She's suggested that we think about working together in a partnership - I have capital, she has knowledge, experience, and is on the ground.  I like and trust her - I think we could work well together.  

I wanted to get people's advice about how to structure such a partnership? What are fair terms for both of us?  What questions should I be asking?  What terms would be bad for me to say yes to?  

I'd love to hear any stories about successful partnerships (and why they worked) and am very keen to find out about partnerships that went wrong (and why).  

Any advice would be much appreciated!