Any tips on setting up a real estate investment partnership?

[Russell Buxton]

Any tips on the pitfalls to avoid and things to consider when setting up a RE investment partnership. Our goals will be to invest in large multifamily properties in order to generate passive income. We will begin with approx. $1m in cash as a group. We are currently colleagues and friends.  Just want to maybe avoid some of the lesser-known mistakes with going into a real estate adventure with partners. Any suggestions appreciated.