Joint Venture Question

[Bill Williams]

Good Morning Everyone. First of all, thank you for the add.

I am not new to real estate investing as we have owned a few rental properties in the past but we are entering uncharted waters with a joint venture and would like to hear more from experienced JV people.

We are looking to provide the financial side of the deal with another couple doing all of the rest of the work and would like to know a few details if you could.

1) What details would you want to see in the contract between the two parties?

2) What would be a fair split in a situation like this? Does it fluctuate with purchase/sale price?

I realize this is a general question and I will expand as we go if the conversation carries. We are just unsure of where it starts and where it ends. We have a pretty good idea but would like to hear from seasoned veterans. 

Thank you and I look forward to being a part of this experience with Bigger Pockets.