Come to agreement on how much the work would have cost to contract out, pay yourself from the partnership that amount for the effort you put in, and then determine a reasonable profit split based on how much time, effort and money you each put into the deal (other than for the contracting). 

Without a DP in that range, prior experience, and 6-12 months of reserves, a commercial loan will be nearly impossible to obtain.It will not qualify for any kind of first-time buyer or down-payment assistance.Many commercial mortgages explicitly prohibit owner occupancy.A partnership may be an option, but I think the first thing you have to ask yourself is why the owner is willing to sell a 6-unit Brooklyn apartment building for only $475k?

My main goal is here is to build my network, partnership, and to learn.

I am open for a partnership or a private investor.

The partnership is one partner buys and sells the house while the other (me) pays for all the rehab.

I am currently in a 50/50 partnership on 2-SFH and 2-Fourplexes. 

Any reason you wouldn't just go out on your own versus doing one of these partnership arrangements? 

I am asking if anyone could shed light on how they have structured their partnerships to ensure both parties will be protected after a deal has been made and implemented.I have found a great partner that has a lot more insight about the local markets in my state and has offered to partner up with me on investing on deals together. 

Yeah, its one more partnership return to have prepare and submit.  

I would be open to a partnership if someone brought me a deal.