How do I partner on a deal?

[Zachary Sexton]

My wife and I have some friends that want to partner on a BRRRR deal in Tulsa, OK. They are an unmarried couple that used to live in that city. They currently have more market knowledge/connections. We currently have more of the funds. All of us live and work in Austin, TX.

It seems like everyone comes with their own strengths:

• me: negotiating, planning and organizing
• wife: vision for the remodel
• male partner: hustle and deal analysis  
• female partner: connection to city 

Partnering would also give us:

• a bigger budget
• a sounding board for ideas/plans
• shared due diligence
• accountability 

My question is, how do we legally structure this deal?

I'd like to create a contract and/or entity that will allow us to:

• define the equity split 
• ensure my original funds are returned upon sale or refinance
• hold funds for capex and repairs
• distribute positive cash flow on an annual basis
• decide buyout clause in advance

Where should we start on making this happen? Do we need a lawyer? If so, should they be from TX or OK? Do we need to form an LLC? Do we need to get a business bank account to put the funds into? Should we be using the same real estate agent? Should we outline buying criteria in the contract? Should we outline roles and responsibilities for buying and managing the property?

I like the idea of doing my first deal with a partner, but I've got no clue where to start. Thanks in advance for any wisdom, resources and advice y'all are willing to give.

Zack