Firstly you need to make sure there is a legally binding agreement in place. I would also suggest background research on your potential joint-venture partner to clarify their experience and their reputation. You also need to have investment strategies and exit strategies as well as specific roles for each individual party. Have you been recommended this third-party by someone you trust?
No we connected on LinkedIn and he started discussing property due to my profile and investment background, and he soon suggested a joint venture with a property already in mind. So we don't have any conflicts on interest, raising my concerns. Do you think this is a feasible partnership idea?