Here's an idea.Instead of a new company, or creating a partnership, why not consider a Joint Venture.This will allow your LLC and the partner to enter into a JV Agreement for just this one project.You can specify all of the terms within the agreement, how the project will be initiated, each contribution, duties of each, how profit will be computed, when and how the project will be completed and dissolved.At the end, each party reports half of the income and expenses, just like a General Partnership, but, depending on state law, there is no requirement for filing papers.Once you work everything out with the partner, both of you go to the same Attorney, have all of the information ready, tell him exactly what you want.Don't try to write something yourself.Something to consider.  

If you are seriously looking for some rehab deals to fund for as a partnership that would be a great partnership to have Ken.

Has anyone ever owned a buildable lot of land and instead of selling it to a builder, created some kind of partnership with a builder where you provide the land and they provide the building expertise and you somehow split expenses and then split profits when you sell the new home?  

It will be a 432sf open studio with a fully functional custom kitchen with all  modern below counter small scale appliances and fixtures in the kitchen and bath.

But in my opinion, a business partnership is ultimately much more fruitful.

Now if the partnership is you get the mortgage, your partner puts the down-payment then at least both of you have skin in the game. 

You would have to own a business, like, a sole proprietor, a partnership or a LLC or another type of business

Frequently, the CC&Rs will contain terms to keep the HOA going even if the corporation that was formed to function as the HOA is dissolved.

The platform also has several other handy functions.

There's nothing nice about them, but they are functional units for families to live in.