Partnership with contractor to build investment property

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I live in an area where rentals are in high demand. I've been looking for a multi-family investment property to buy, but there is very little available and the market is high. There is  a housing crisis  based on existing housing and projected growth. But there are no new building projects for multi-family properties.  I have begun discussions with  a friend who is a builder about partnering to build a 4-plex.  Has anyone had any experience doing this? Not sure how to form such a partnership or what it would look like, or if it is even advisable.  Any ideas??

It's hard to make a strong return on a new build. As for building a partnership, you should consult an attorney with experience in real estate partnerships.