Partnering with another investor

[Michael Kammer]

So I am partnering with another investor on a property and was wondering what are some opinions from others out there on it? Full disclosure we have already gotten a place and get the keys next month. I guess what I am wondering is has anyone else partnered with someone on a place and did you guys have a legal document binding each other (i.e. rental income, profit from flipping, etc.) or did you just shake hands on it knowing each other are good to their word? We each want to start up own or separate LLC's in the future. This deal would be to help jump start us both in those ventures.

We are planning on flipping this place together and from their using the potential gains to help fund our other real estate investing goals. We do work with each other as well at the same day time job so there is that as well. 

Any advice on partnerships would be great!

Mike