Strategies for partnering up with a property owner

[Troy Whitney]

I'm looking for thoughts from anyone experienced in larger developments.  I'm in talks with a property owner who wants help developing a parcel.  It's currently zoned commercial, but there's a significant review and approval process you have to get through before you can develop anything in the Seattle area.   I want to spearhead the development process and get the project to the permit stage and am willing to put up some money, but I don't want to invest a significant amount unless I have assurances that I won't be cut out of a deal he decides to make with someone else down the road.  The fact that this review process can take a year or longer is what makes me nervous.  I've considered some sort of lease option, but my guess is the owner would want more than I'm willing to pay for the option.  My preference here is to partner with the owner, and he has suggested that he's willing to do so under the right terms.    So, if you have any thoughts on a way to structure such a partnership and protect my interests I'd love any feedback - thanks.