I would consider him relatively new as well.He is buying FL state foreclosures and selling them and is interested in making me an investor at 5k.My question is, are there any legal implications or documents I need/need to consider before entering into this partnership/deal?

And they can do the same on theirs.If the property is actually owned by a partnership that files a tax return then the partnership could still do an exchange and purchase properties that each partner would like. 

Good question.Based on the face value of the facts provided, I believe it's more likely than not you and your brother have formed a general partnership for federal income tax purposes. 

The first approach is a partnership with a single capital partner. 

How would you structure a 50/50 partnership if one person did the managing and finding  of partnership and the other was just equity?

But if you can provide a joint partnership agreement with a credible individual, you may find someone willing to work with you.

It’s a 2 bed 2 bath in the romantic zone, basically the best tourist area. 

Have formed an investment partnership for a smaller commercial property? 

I have a rental property that is owned through my partnership LLC (my wife and I each own 50% of the LLC).  

Have you ever been part of a long-term investing partnership?