It sounds to me like you identified most of the major "gotchas." There is no "usual" on such a partnership, so, it is all about what you both negotiate. I am wondering though, what work is the investor going to do for you? How much is it worth? What kind of returns are you expecting from these investments? I'm plugging my own market and services now but what if you bought single-family homes, apartments, or other commercial property in Las Vegas without a partner? I could find you appropriate investment properties, set you up with a property manager, and you sit back and collect the cash all without a partner to eat into your profits. You may want to weigh that option.
John A. Brassner, MBA, REALTOR®
Residential and Commercial Realty
Prudential Americana Group, REALTORS®
10777 West Twain Ave, Suite 333
Las Vegas, NV 89135
Sep 15, 2011