I agree with my colleagues that you need to have an experienced real estate attorney in CA to assist you with the proper agreement. The enclosed article should give you some perspective as to what CA allows and does not allow in the licensed/unlicensed real estate activity umbrella. http://realestateinvestors.homestead.com/Reports/FINDERSfeeagreement.html
My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained.
You want to hire a business/real estate attorney to prepare this agreement. There are too many details for any general answer on the site.
Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-client relationship is established by this posting. An attorney-client relationship can only be established through signing a Fee Agreement and paying the necessary advanced fees.
You do this business for 15 years and you are successful .Now you want your friend to come in.
First how well you know your friend? Many Fraud cases with friends and real estate investors due to the changes in the market . Most of the times real estate includes big amounts of money.
Check very well the past of your friend prior of doing any business with him.
After that you really need a savvy lawyer to guide you. Maybe you are a great businessman but you need the right lawyer to help you.
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