@Sachin Amin Would you be able to expand on why exactly its good to have an llc for a partnership in the first place as opposed to just a contract?

Only thing I would add to this good comment is his goal should be to get him at least neutral since he is an ongoing threat to your funding and your partnership.

In the meantime they find an excuse to back out of the deal (their aunt is sick, they didn't get the job, the business partnership fell apart, etc.) and ask you to return the money by sending them a check (less $50 for your troubles to sound legit).

I would love to hear from some Canadians that have done Joint Ventures and/or Partnerships, specifically when one person provides the cash and financing ability, and the other partner finds the deals as well as oversees all management aspects.

You will automatically be treated as a partnership for federal tax purposes.

Partnerships are challenging and the more partners you have the more challenge their will be. 

Maybe network a bunch and find some investors interested in a partnership on a $300K house so you only need to put $30K in and spread the risk out and have more capital to deploy later.

Write out an agreement including exit conditions for the partnership.

I'm curious about how we should manage our partnership on this deal.

@Trevor Aydelott I like to keep my partnerships simple, but in general, I don't like any partnerships.