@Christian Cummings pull the trigger brother as long the location / potential / property overall makes sense.

The question I have been asking myself is What is the content of the partnership and how does it work? 

They promised great returns upfront then basically pulled a bait and switch when it came time to pull the trigger. 

Things can get a little hairy if the Solo 401k owns the rental real estate through a partnership, but generally you're fine unless tax benefits are allowed away from tax-exempt partners.That's a lot of "generally" right? 

My situation is a bit complex as both my wife and I are entrepreneurs and most our income is partnership income.

We have a partnership with a local builder.   

With new things I'm typically a very hands-on learner, preferring an observe-replicate-innovate sort of model, so I'd love to start meeting investors and watching deals go down to see what's working in the Northwest Phoenix/Glendale-ish area where my wife and I own our home.I'm excited to start meeting people, continue learning, and hopefully pull the trigger on a deal in the next few months!

This person am partnering up with would like me to find the property, place it under contract and then have me sign a contract between him and I. What should I make sure is in the contract before I sign? 

What would be the proper steps to take to make sure that partnership is fair and protected?

I've been researching the Philly market for months and am looking to pull the trigger.