Partnership with friends. Terms

[Dee Brock]

My friend and I are going to try and team up on some deals. I just do not know exactly where to start. We agreed that we will split everything 50-50. I am curious of people out there who have done the same and what kind of terms everyone agreed on. Who handles money? What do you do about cash flow? What do you do about the money when you do a cash out refi? did you set up a joint LLC? Just so many questions and I know that having a partner you can expand more versus trying to do everything by yourself. It's better to get 50% of some thing than zero