Partnerships and Payments

[Maxwell Fontaine]

Hello Fellow BP'ers

I am looking to gain some info and possibly some results.

I found a property that was vacant for a bit of time and the owners decided to fix it up to sell. It was stripped all the way to the studs. I am currently waiting on a refi to free up some cash.

I reached out to some people in my local REIA group to look for partners to help purchase this property.

I'm blessed enough to have 2 people who are interested in in partnering (co-ownership) on the property. Splitting the cost 50/50 and the profits.

Question:

How would you guys structure this partnership before moving forward on this opportunity? 

In terms of keeping both parties legally protected financially and legally?

Thank you in advance !!!