How does Partnering up work and what’s fair split? Formula?

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Since flipping my first deal I have had a lot of interest with Partnering up. Great opportunity to have more cash in hand and invest in bigger projects but is there a formula to follow? What’s a fair split? For Example, my BIL has a VA loan he can use, I have the knowledge and $ to rehab what’s a fair split for using his VA loan and how do we protect ourselves?

Fair is whatever the two of you agree is fair. I'm talking about creating a partnership with my sweetheart. We will need a formal partnership agreement, which includes a buy-out clause. that's the bit that concerns me the most.  Good luck!