Please correct me (Rate/Term and Partnership Question)

[Account Closed]

Background: The private equity who is lending me the money to do the deal is actually an equity partner. He is bringing all the money. However to get the Rate/Term loan without the seasoning period, he will be in the first lien position at closing. Once the Rate/Term loan is through, he will get his money back ( current ARV supports this) and release the lien. Post refinance, I will be on the title and loan but he will have 50% equity.

Question:  Am I correct to say the partnership agreement between me and him is the only place that will dictate the ownership of the property. If I were to sell the property without his knowledge, I can (I will never do that). He will have to sue me to enforce the partnership. Is this the best way to have 50-50 partnership where one partner has all loan and is in the title?  

Your goals and story: This is a BRRRR Deal.

Type of property: Single family home

Location of property: Atlanta, GA

Purpose of financing: rate/term refinance

Type of financing sought: Fannie/Freddie 

Current or prior ownership of real estate: Currently own one Triplex, one SFR and closing two next week.

Occupancy: investment with traditional long term leases

Value of property at present and/or your offer price: $ 100K

After repair value: $150K (without any work)

Anticipated or actual appraisal issues: anticipated

Current rents per month: $850

Fair market rents per month: $1100

Down payment or equity: ~30%

Source of down payment funds, if applicable: forced equity

Income Source: Salaried/hourly W2

Gross monthly income (optional): 

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $

FICO: Excellent

Credit issues: None