Structuring partnerships and/or private loans

[Emily Simmons]

I'm curious who has done this successfully in the past and can offer tips on the Do's and Do Not's so that both sides win.  I've heard a couple times that someone has had provided the sweat equity with their partner just offering the capital for a 50/50 split.  One person said they got the short end of that stick and another said it was a great launching pad.  I've heard other's say they prefer to essentially structure a private loan with the capital partner vs. any percentage in the property (or business).  No nitty gritty details were given, however.  So what's fair for both parties?  If you're doing all the work, should you take an extra percentage for that?  Or get paid as an employee before the rest is split 50/50?  

What's worked for others and what hasn't?  What are some red flags to watch out for on either side of this kind of deal?

Thanks for any insight!