Partnering in a Deal

[Ephraim Teke]

I often hear the phrase “you can always partner with someone who either has money or has skills in a deal when you don’t have both” on BP real estate podcast and other podcasts. This phrase is usually followed by a certain percentage or ratio that the partners use. The question I have been asking myself is What is the content of the partnership and how does it work? 
My initial thought was the definition of roles such as one person taking the role of property management (in the case of rental property ) and the other probably taking care of maintenance, but I get stuck with how the deal is acquired. Who holds the loan (if the property is not all cash buying), and the deal purchased using the partnership or one of the partners?  

Please, I need your thoughts.