partnering 1st time

i am seriously considering partnering with someone —i have been communicating with from here. It is a cash rehab 23K approx. 7-8K in repairs average homes on this street 50K. It is a two family. I will be the cash partner. My concern—nervous— 1st dive in this water-----only communicated by phone and email. Has anyone here done this before----what kinds of precautions should i take? The idea is they will refy in 90 days get my cash back plus split equity 60/40 and hold and rent 50/50. Does this sound right. Any feed back aprecciated.

I would suggest setting up a formal entity arrangement: LLC or partnership. Reduce everything to writing: financing agreements, who makes decisions, signs checks, everything.

And that has nothing to do with trust for whoever is on this post. It’s just smart business.