1st potential partnership - basics

[Jason Schatz]

Hi All -

My wife and I have purchased, rehabbed and rented out 4 duplexes in the past but did so as either owner-occupied or by funding the deposit ourselves. 

As we are looking to expand our real estate business, I have obviously been reading and listening to a lot on bigger pockets about partnerships and other people’s money.  I have come across a deal in our area for a 4-plex that I have presented to a potential partner who has money and is interested.  We currently do not have any liquid assets to provide, but I would be handling all of the day to day management, rehabbing, renting, maintenance etc. 

From reading other posts, it seems a typically starting point for negotiating would be a 50/50 split of profits. I’m assuming most people creatively negotiate all other terms as well. however I do have other questions.... 

How do we structure the partnership? A new LLC? Just a JV agreement? Do we get a mortgage in both names? A title in both names?

I would think we need to talk with a lawyer regarding a lot of this but I’m just trying to get a basic idea of what is common so I can talk to him more intelligently about our options. 

Any help or insight is greatly appreciate. Thanks to the community for all the help thus far!

Jason