How do I structure a Partnership with this individual?

I finally got someone to take a meeting with me next week about entertaining the idea of a partnership.

But how would you all approach the partnership?

Your competition surely will pull the trigger that fast.

It also triggers less of the pain center of the brain associated with writing and handing over a check...or worse...cash.

I would like to take this opportunity to introduce myself to all the members here in hopes of gaining lasting partnerships and friendships with the people here.I am a 30 year old husband and father who lives in the insane area (real estate wise) of Vancouver BC Canada.

But keep in mind this is the perspective of someone who vetted vacation rental property in beach and ski communities and never pulled the trigger.

What you need to do is find a partner in your market, someone who have done rehabs and go see one of their CURRENT projects (you must vet them) Yes, on the back end of the deal, you would have to split profits (probably 50/50) and a lot of people are scared of partnerships and for good reasons.

If you are simply setting up a single entity LLC with no intent to be taxed as a partnership or to file a tax return as the LLC then the LLC itself is a "disregarded entity".  

@Mark Halecki Welcome to the community... keep educating and pull the trigger when you know it's right.