We actually found and equity partner to move forward with the project as it was extremely profitable and a huge demand for that type of product; however, someone bought the land before we could and was not interested in partnership.

What would the partnership agreement look like?

Commence to take yourself off the partnership, leaving him as the only and primary agent as well as the sole investor. 

Search partnership agreement on here.

I want to move fast on a deal and can't wait for financing to come in. At 20% down i calculate a cap rate of 7.5% and cash on cash of 12%. I've have a 50/50 offer from a hard money lender. They would buy 1/2 proper...

The LLC would have to file a partnership return then all the income or losses get distributed to the members who put them on their own returns.Get a bank account for your LLC and do all the transactions from that bank account.

A partnership tax return needs to be completed to report the transactions incurred toward your inventory(purchases).

As used in this chapter: (A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following: (1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate; (2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate; (3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate; (4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate; (5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants; (6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate; (7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate; (8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners; (9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

I have leads and I'm looking for partnership someone who understands the potential of vacant houses.

If you have to run to a lawyer, more than likely the cause is already lost and you're just tossing money into a pit IMHO.Absolutely get a feel for the group you are thinking of partnering with....even a direct purchase is a partnership in my eyes as you are relying on them to get it done.