Hey BP community, I am having discussions with an investor to fund part of his deal and I am asking for recommendations for an attorney to review the partnership agreement for the deal and make recommendations.

You could partner for sure but generally these partnerships come with the downall of giving up 50% of your equity and control.

@Thomas Combs - I believe that you'd separately mentioned that you were partnering up with some buddies, so I believe you will want an LLC (although you could do it as a general partnership w/o the LLC - not advisable).For your specific question about limiting liability, there are 2 main things you need to think about. 

We plan to write up a business plan with an exit strategy for the partnership in case things go sour.

In general you can invest in real estate in a few different ways in the US (probably some of this translates to other markets).Purchase a property yourself, using all cash or using cash+loanInvest in real estate with a small partnership (like the friends you have in PA)Invest in large partnerships (like Trusts, Funds, and Syndications)At $40k you'll have some good options to invest primarily in the small partnership structures or in large partnerships. 

This is a partnership.

If so, then the "payment" will not be much.If you are planning on using your capital and your father in-law's capital to purchase as many investment properties as possible, then there is a lot to consider.If you are using traditional financing, there are many things to consider just based on the limited information we have here.If you are looking to use commercial financing, there may be a few more options, but you'll have different terms, and maybe restrictions.I'd look into a partnership / LLC / S-Corp if you are using investor's capital, but that's just me.

I'd recommend looking for a team of people that want you to succeed just as much, and my realtor and GC became great teachers in the process...it felt like a real partnership. 

Investing from out of state or by long distance requires partnership.

I have a few relatives that are willing to partnership but, I don’t they have any way to show reserves/money for down payment.