What else would you recommend I do as prep before I pull the trigger on a deal when it comes?

I’m open to partnership if the numbers make sense.

I have someone whose interested in being a passive partner where he would provide capital for cash buys and I would be responsible for sourcing deals, negotiating, closing, refi etc.Does anyone have advice on structuring a partnership, if he’s contributing all capital how should I make sure he gets fair compensation?

@Zachary Trigger wish I could make it!

His loan officer shared an off market deal and he approached me on partnership.

I would not recommend taking the property subject to considering you may trigger the due on sale clause.

Should i entertain an equity partnership, offer a balloon payment at refi time, 8,10,12%.

A great example if this union between chef and vacation or rental property owners is the website www.dinnerwithachef.com All chef Andres' clients come from vacation rental places and the partnerships are listed on the site. 

If you have a good deal come your way but are hesitant to pull the trigger, referring that lead to someone in your network/marketplace will go a long way in building your reputation in the marketplace.Be sure you have solid reserves for the unknown.

I don't think you're wrong but I would be ecstatic if I was a new investor and didn't pull the trigger.