Partnering on Real Estate
Hello, one of my close friends is interested in partnering with me on real estate business. He currently holds H-1B visa and waiting on his green card. Statistics show the waittime for Indians to get greencard is one of the longest. He is also out of state and I will have to do most of the legwork of physically going to see the houses and talk to agents face to face. He is interested in 50/50 ownership. I am not sure if partnering with close friend, also with 50% stake in the game when I may have to spend more time on this whole process sounds fair or not. He is super friendly and I've known him for several years now. Any pro tips on partnering with friend, what expectations/rules should I set in place from the start, any negotiation leverage given I might have more responsibilities and any concerns on partnering with someone who doesn't hold citizenship or greencard in US?
Thanks so much in advance :)