Im preparing to do my first rehab, is partnering a good idea?

[Brandon Chicoine]

Hi everyone, I'm happy to become a part of the BP community.   I'm a Realtor in Naples FL and looking to expand my business into the investment side of things starting with some rehabs.  Im debating weather or not I should find a private lender or get into a partnership.  I have a relationship with a large investment/development company in my area and when I asked them if they wanted to fund my projects they proposed a partnership instead. Obviously terms would need to be negotiated but one of the things I've been warned about is do I want to marry them? Am I going to be closing doors down the road if Im tied up with a partner? Their role as a partner would be very hands off primarily just providing funding and having their local representative who over sees everything locally to approve all projects (could be good and bad). This relationship/partnership could very well be a huge benefit for me as well for more reasons than just funding, I'd be surrounding myself with who I want to become, a very successful investment company from building multi million dollar spec homes, multi family and assisted living facilities just to name a few. I guess what my question is... what should I be careful of in partnering with them? I know partnerships can be very difficult. Would I be better off just trying to keep them as a lender and/or finding another?  There's going to be benefits to the partnership and also benefits going at it solo. This is going to be a decision only I can make, I know but would like some input on other investors who have experience with both. Being new like myself I lean towards partnering with them and would likely have deep pockets for projects and could turn into larger projects that I otherwise wouldn't be able to do. I do have some good experience with my local market being a realtor but a rookie when it comes to the investing side and rehabbing. I have sold some waterfront land and other projects to these guys and they are a good client of mine. What are some questions/concerns I should take into a count? If I can get them to fund all purchase price and fix up costs what should be the maximum % I would want to give up? I know that would be a great thing if I could have them fund 100% of purchase and rehab costs. However I feel like I shouldn't give up more than 50%...? I would be finding and running all projects from start to finish and listing/selling for free.. All input is greatly appreciated. I know I have countless more questions, but I think this is a good start. Thank you!