Friends, Contracts and Lawyers

[Ariel G.]

Hi

When working with a friend partner in an investment, such as 50/50 downpayment, whats the accustomed way to get everything done in manner to avoid errors and losing friendships and partners? How tough should you be on doing contracts and insuring protection against misunderstandings, lawyer supervision, etc? or should you be lax in some way for any specific reason? Sometimes discusions may arrive when there a confllicts on intersts (selling, not selling, changing administration companies or not, removing or not lenders, etc I assume) 
What are your thoughts and how have you handled it?