Hi Mark,
It really depends on what your friend wants to do with this property and what he wants from a partnership.
Does he want to bring in a partner who will invest in this 'project' as well as provide management?
Does he simply want someone to manage the property while he is away?
Is he looking for a short term partner with a buy out from that partner in a year??
Hard to say what to do as I'm not too clear on what he wants to do with this property and why he would want to do a jv in the first place.
From your initial post..."he wants to bring someone else in on the deal to help him" it really sounds like he just needs a property manager or someone on the ground to handle the day to day activities while he is away. I would interview a few possible management companies and start there.
However, if he is looking more of a partnership on the deal...as in someone with skin in the game with potential upside as opposed to providing a standard service, then he needs to start advertising/looking for a partner who possesses the skills your friend is currently lacking....this could be friends, family, friends of friends, etc.
So, I would say your friend needs to decide what kind of partnership he is looking for first and go from there...what exactly he needs and what he is willing pay.
