What does partnering with a developer look like?

[Dave G.]

Hi everyone-

Like a lot of people here, I am looking to get into the development side of Real Estate. I've read a lot on the subject, and the constant advice is to partner with a developer on your first deal to see how it all works. 

I'm curious to know what this looks like. I know they can be structured anyway you can negotiate it, but I'd like to hear what the most common and practical ways of partnering would be. What would be enough skin in the game to make all parties comfortable in working with a newer player?