In your case it would make a lot of sense to protect yourself, especially since you're relatively new and just getting started.Also, there are better deals and better partnerships available to you then the 33% he offered you.

Are there any advantages to forming a legit business partnership instead of being independent investors who work together?

My family hasn't really been that big into partnerships, so I hope to show them how it's done!

If you ever want to partnership for the benefit of us both let me know.

It describes very well how the soul of the partnership should be formed.

We are in a great position now to use that as an asset for loans, banks want to see one full year on books they said, for partnerships, and a ton of other ventures.

RE: #2 - thank you for the suggestion of forming LLC with a partner (my personal business is an S corp FWIW but I guess possibly for tax purposes keep it separate since this is a different partnership I'm assuming).

Big players go after the 200 and up levels or partnerships..

Obviously, a considerably amount of due diligence needs to be done to verify that upside and understanding the risks.What would a partnership between the owner and a contractor look like?

If your retirement fund doesn't have quite enough in it yet to purchase a property outfit, you could even choose to own a portion of a home or property through a partnership with undivided interest or even get a non-recourse loan.Tip #2: Put that property to work.Owning the property isn't even half of the story.