How to setup joint venture

[Patrick Senas]

I'm sitting down with a big rehabber in the SD area to discuss doing a joint venture. Essentially I'm coming in with $40-50k to fund a deal. What I want out of it aside from a nice COC return is to learn about flipping homes. How do investors normally setup JV's? Would you, a rehabber, take an investor through the whole process with you to learn the ropes? Or do most expect the investors to be silent partners. Just curious if this is a norm and possible for me to do.

What questions do I need to be asking in this meeting? Any red flags I should be on the lookout for?