What are standard terms and conditions when raising capital from investors for a real estate investment?  

Or does the buyer need to use the home as an investment home?

You must be confident in your decision to proceed with the deal before investing significant time and money.

I live and work in the area and want to stay local in my initial phase of investing.

This will be my first investment property and I am hesitant to just hand $30k+ to someone and trust it'll all work out.

Your focus should be on growing a profitable and sustainable business, and rarely does this correlate in anyway to the size portfolio you can grow  as quickly as possible.Before you concern yourself with your partnership agreement you should revisit your investment thesis and strategy. 

I currently own a portfolio of self storage facilities in my county but I'd like to invest outside of my area.

The family member has expressed interest in adding my name to the deed so I or WE could use it to invest in real estate.  

I am new to real estate investing. 

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.