Don’t form partnerships.
Too messy for all the reasons you mention – and more.
Instead, have one party put up the $$, and the other is the title holder/operator.
Money party is the lender/note holder.
Profit splits are detailed in the note.
Only one party on title. The other is the lender.
The lender is relieved of management.
No partnership agreements to file.
Fewer legal issues.
Keep us posted,