Tips on being a first time bada$$ partner?

[Ryan Donohue]

Hey BP, 

So I'm pretty certain that my first deal(short sale) is going to work out! The seller was just going to let the house go to foreclosure but is open to a short sale. I'm working with a partner(supplies capital) who runs my local REIA. So its my first deal, the house needs a LOT of work and its a short sale....What could go wrong, right? So I have a few basic questions below and looking for any other tips experienced short sale flippers have on partnering or in general.

-Joint venture LLC or agreement to split profit/loss document?

-List of tasks I don't know I should be and can be doing on my own. I dont have capital(only $10k) or experience in short sales and not sure the best way to pull my weight.

-Estimate of how much to ask for in the split? 50/50? 40/60...?

-Should I get estimates on my own, an appraisal, and inspection? The guy is a veteran in the industry and has his own construction company as well.  I feel like he's going to do most of the work and I just found the deal...what do you look for in a partner in my case?