If something should happen to one of you, i.e. disability, have that spelled out.  

You can NOT legally do real estate transactions in Pflugerville because none knows how to spell it...Wheeeee!!!

If you do decide to partner with someone make sure the expectations are clear and a good operating agreement that clearly spells out the responsibilities of each member is a MUST.

They are designed to get you in the game, experience what you are experiencing, and then get you to run to them for help.Once you are under their spell, they'll convince you that you need to buy their training packages, starting with a 3-day seminar in a hotel someplace for $997 to $1,497 where they'll promise you that you'll learn all about everything in real estate.  

There is usually an IC ( independent contractor ) agreement with you and the brokerage spelling out under what conditions you will be able to place your license there.Every state is different on the exact process and I know nothing about New Jersey's process.It sounds like the principal broker says once you join them after getting a license then they will feed you leads.

Sure I understand that they can pm you but imagine if you spelled out the deal.  

If you were planning on partnership within a LLC, I would first write out LETTER OF INTENT where you both spell out what you want to accomplish and how- detail where the funds are coming from, who is doing what as well as what the percentages are loss or gain. 

Imagine spelling it out to 100 people over the phone, you will be glad you kept it simple.

Sorry for spelling and grammar long day

AlexBare with my spelling an grammar my wife was not around to clean up my post.I work better with a chain saw, Lawn mower, or  a tractor  then I do with a key board.