This will be a 50/50 partnership.

We're in the process of setting up our LLC and drafted a partnership agreement ourselves to outline our roles, responsibilities, and profit splits.I recently spoke with a real estate attorney who said our "partnership agreement" is actually an operating agreement and that a proper, sound agreement would be 70+ pages.

When I went after my first deal, I think the hardest part is just holding the confidence in yourself to pull the trigger.

Quote from @Keis J Patterson: Hello BP Team, I have been watching on YouTube for a few years and am now ready to pull the trigger on my 1st Multi-family (2 unit).

Question:In the scenario of equity partnerships, one person finds the deal and does the work while the other partner is the finances, my question is avoiding capital gains.

Building trust goes a long way toward securing long-term partnerships.

LLCs can trigger extra costs ($800 per year in California for example), extra hassles (such as a need for a partnership tax return between two spouses in some states), extra paperwork and so on.Here is what one attorney says about LLCs:https://www.biggerpockets.com/forums/109/topics/1212815-i-ne...

You do not for example want to end up with a dozen partnership returns to deal with unless you first know how much work that entails. 

Moving the property into an LLC can create lending and tax considerations, so you’ll want to weigh liability protection against the possibility of triggering a due-on-sale clause.

There are ways to do this without triggering a tax.