How the heck do partnerships work?

[Austin Webb]

I have a very newbie question. So I understand that if you find a deal you will find the funding because people like money, but I’m wondering what I actually do when I find a property prior finding a partner. Do you submit an offer and get it under contract and hope for the best? Or do you just say “hey cool person, I found a deal do you want to help me out with a down payment and split the profits?” In the second instance I don’t see anything stoping them from just doing the deal without me. I feel like I’m probably worrying about this too much but any input would be greatly appreciated.