It was an informal conversation (nothing on paper, we agreed all this is going to be done thru LLCs and Joint Venture agreement with everything spelled out but we haven't gotten there yet), but from what I understood, he wanted to be 50/50 partners when all is said an done.He mentioned it was going to be about $125/sqft to build at cost, no fees, and when I asked how much would it be if he was charging me a fee, he said approx. $190/sqft.

In my area there are some old house with clay sewer pipe which are brittle and more prone to break or fail because of root infiltration at the joints.

My questions areIf my partner secures the purchase and rehab funds through the Hard Money Lender in his LLC, will we be able to get our joint LLC on the title?

Equal split every time.I'd create an LLC or a Joint Venture for the three of you.

I have been exploring joint venture capital.

I need contracts reviewed for Joint Venture deals.

I think something important to point out that it seems like you are talking about acting as a bird dog instead of doing a joint venture deal with a wholesaler, is that correct?

To piggy back on your list of reasons, there's an abundance of international (chinese) money willing to park their money in California real estate that earn inferior returns. 

Consider investing in someone else's deal, i.e. a joint venture or syndication.

Would you recommend we close as individuals (both on title), and then transfer in to a joint LLC?