There are three key concepts in structuring your joint venture: control, splitting up the profits, and exit.

First, you need to think about who will control the venture, including the votes needed to make decisions, and day-to-day operational control.

Second, think about how you will split the profits of the venture, including how you compensate those members who contribute their time.
Third, think about your exit – before you enter any business relationship, you need to have your exit locked down.

The one thing I am learning about doing successful real estate investing in Canada is this: you need joint venture partners.

The whole idea is to find people who like doing things you don't like doing.

Example: With regards to real estate, I am pretty useless at fixing things.. Thus I need to find people who are handy with fixing things in a residential environment.

If you joint venture with people who can make up for your shortcomings, you'll make less money on the venture, however, you'll ensure that you're not encumbered doing things that drag you into the ground.