How to Allocate Partnership Percentage During Development

[Abby Robinson]

Hello Fello BP Members!  I was hoping to gain some insight from anyone who has experience with the following:  I have a friend who is contributing capital in order to purchase a plot of land in FL. There are developers that are contributing 5 properties to that plot of land that will eventually partner up with my friend.  Both sides would like to protect their investment.  When should the developer receive the percentage of ownership and how should the partnership be divided up initially, then throughout the course of development?  Once each phase of the project is completed (for example, let's say there are 5 phases of completion on the developer's side)?  Or once the development is 100% completed?  In other words, should ownership increase over the next year for the developer, as he completes each phase?  I don't have much experience with contract law in situations like this but I thought this was an interesting scenario that I'd like to learn more about... and I wanted to see if anyone here has personal experience with partnership deals such as this one.  Any advice on where to delve deeper (books, articles, general insight) is welcomed!  Thank you!