Need advice on how to start buying properties with a friend

[Randy Babineau]

Hello, I am a real-estate investor and currently have a few properties that I solely own. I have a close friend that he and I have been talking for the past few years on setting up a business and purchasing properties together. This opens the avenue for me to invest in larger unit buildings as he has a lot of capital that could match mine. I know the high level risks of working with a friend, but he and I have similar work ethics and opinions. Do any of you have an outline of the process that we should follow to ensure our venture is successful? I found some articles online, but was hoping BP's community could share your experience with me.  Also, I am looking for ongoing operation of the partnership, such as how do taxes work, etc. 

Thank you!