How to Create/Negotiate a Partnership???

[Alejandro Garcia]

Hi all!

I am new to Real Estate investing and I am ready to get my feet wet with my first deal. I have some money saved up to put into a deal but not as much as I would like, fortunately I have friends and a relative interested in partnering in a deal. Most likely going with the relative, they will be able to put up most of the money for the deal and I will be handling the rest.

My question is, how do we negotiate the terms of the partnership? I understand that with no experience their money would get them a larger percentage but what is reasonable? And do we need to sign something? Get a lawyer? How does the process work?

Any thoughts? 

Also I am in the Los Angeles area for any of those interested in location. Interested in LA, Las Vegas and now Bakersfield Real Estate opportunities.