I have done lots of owner finance deals in the past just paying a preferred interest rate, but have been hesitant to take on partners that share in the profits.  

We have many clients doing private lending but I can’t stress enough how you must understand the business and maybe partner up with some experts who lend on a regular basis. 

I am looking to close in a couple weeks on my first fix and flip, as a partner with an experienced investor.

I am currently waiting on a refi to free up some cash.I reached out to some people in my local REIA group to look for partners to help purchase this property.I'm blessed enough to have 2 people who are interested in in partnering (co-ownership) on the property.

I'm actually looking to partner up with him in very small 4 unit deals, I'll be interested as well if buying large multi families there are a good idea.  

Which means, if your RI business partner is going to be paying the mortgage, you should have some way of periodically checking that the payments are actually being made on time (for example, online access to the account if it's an institutional lender).After all, regardless of whether it shows up on your credit report, you'll likely be personally guaranteeing the whole amount of the loan which means if your business partner dies or walks away, you could be responsible for the entire loan.

I figured the given prices for the properties I’m lookin at could always be negotiable to have it where I do have 20% Also, would be looking for partners.

are you attempting to structure as a general partner...take title with a bank loan...pay cash...master lease option....using seller financing?

@Susan Chan Most of the turnaround projects I've heard about involve one of the partners overseeing the management at the site.

You could partner with real estate agents or property managers who could help give tours to get clients.