They can be done in partnership but ONLY if it is done that way from the beginning.

But notice who the owner really is - it's the partnership.  

What role will each of you play in this partnership. 

Perhaps you would want to know how to structure a business as a sole prop or as a partnership, what type of corporation to form, what kind of accounting methods to use, etc.

C or S, doesn't matter, I would suggest C since there will be some partners, also, one corp per property/partnership.

Owner has mentioned equity stake, partnership, creative financing, etc., and appears to want to continue some ownership interest or long-term financial interest.  

In order to partner with him he wants me to contribute 1 million to pay off the loan to be a true 50/50 partner on the land so we can develop it.I don't have 1,000,000 in cash lying around so I offered to leverage one of my income producing properties as a lien to the bank which is worth about 1 million.The goal is to roll over his 1 million dollar loan into a 5 million loan which we would share 50/50. 4 million of that would be used to develop the land.He needs my income and assets to qualify for a bigger loan, and I feel like my 1 million of income producing assets would suffice in the form of leverage.The disagreement is that he feels I am not bringing any money to the table in this scenario to make it a true 50/50 partnership.  

So now I'm looking at hard money lenders and partnerships so if the right property comes along I can keep it and not have to wholesale 

You can do this with a simple partnership agreement hold title in all three names or form an LLC.

No securities attorney necessary, just a good business / real estate lawyer to draw up the partnership agreement and/or form the entity and operating agreement.Most importantly...I'm not a lawyer so take everything I just said with a grain of salt and consider it to be for entertainment purposes only.