Partnerships with friends?

[Chris McDaniel]

Ok, one of my best friends and I have been thinking about partnering on a few deals to make our cash go further. We have each done several good deals on our own but realize that it would have been much easier had we joined forces. The only problem is we are best friends and our families hang out often and we don’t want to do anything to jeopardize that. We are both like-minded on real estate; we are both land lords and have the same long range goals.

I am asking for advice from others on the best way to structure a partnership with friends? Is it even a good idea at all? What are some successes or failures that you have had in a partnership, with our without friends?