Sorry dog.....more information is required. I don't know anywhere near as much as a broker. I would seriously sit down with one. Especially when your going into a partnership with someone. Things can turn pear shaped pretty quickly. Money can make people act differently even though you think you have known a person a long time. That's just the way it works
Also your situation (could) sounds different.
Who is this person? What is your investment strategy? Why a property in partnership? What are your plans with this particular property? What is your exit plan? Should this property be brought by a company or trust (set up by you) for this particular property / development? By the sounds of it, it should be. The scenario you stated would be very hard to manage come selling the property regarding tax etc.
If your going into a partnership you need to sit down with a broker and dare I say it a solicitor / lawyer ( I can't stand lawyers) to set up a trust or company.
Many un answered questions. For something as serious as buying a property in a partnership I would take advise on the internet. This needs to be done properly with independent professionals in the legal and finance industries.
