Conflict resolution with a partner in a 50-50 split for a rehab

[Kevin Ely]

An investor  and I want to partner up 50-50 to purchase a fix and flip. I will be on site with the GCs day to day - my investor partner will be the silent type working his day to day job unable to do any of the on-site stuff at the property. The question was brought up of how to resolve conflicts such as when we disagree on, for example, purchasing a $1,000 chandelier, when the other party does not want to spend that amount. What are some ways to ultimately decide who wins with these monetary decisions in a joint venture?  Do like @NetworthRealty does with a deck of cards and highest one wins? 

[Brian Pulaski]

You have a budget, if $1000 is the fixture budget for that light, buy it. if the budget is $200, then find a $200 light. I agree on getting the terms and decisions in paper before hand and adhere to them.