@Mark Holencik
I originally approached to have him be a private lender. He was the one who asked about partnering with me on the deal instead of lending me money.
To asnwe your questions:
1- Friendship is definetely more important. If the deal loses money, his the one with money in the deal, as he would be the money partner, so he would be loosing it. (on this question, can we set up something that he would have would have the right of the property if something goes wrong?)
2- I have done one flip my self using hard money lender. Everything will be done through a GC, and I will manage the project.
3- Even though I only have one flip on my belt, I would not say that I would be learning the business with his money, but one may look at it that way.
Ultimately, I'm trying to figure it out what is the best way to structure the partnership, maybe he should have more profit than me, or not. That's what I'm trying to get ideas on.
Thanks again for your time and help. I look forward to hear back.