I am a union carpenter and have small construction side business. 

Additionally, If anyone would be willing to have a conversation about what they look for in CPA's and what they learned financially starting in the rental investing business I would greatly appreciate it! 

Property loan or business loan, or both?

When should I form this partnship and open a business bank account to pool capital?

You could just hire him to build; the PM piece shouldn't be tied to the JV - they get the business if they do a good job and it should be equitable fee's for the area. 

I currently have a 2 family with room to convert the garage into a studio.

This also translate into being a real estate investor, into business, studies; you name it.If I'm steady for 2 weeks or 3 months sourcing and negotiating leads, how do I expect the results I want?

I have a 2-acre lot on a busy freeway (85k cpd) with convenient on/off access.

Like any service based business, you're going to encounter a variety of types of fee structures.

The LLCs need to be substantially run as their own business.