JVs most common setups

was just wondering what the most common/accepted setups are,

assuming I have the time/knowledge to develop property but with limited serviceability,

and another person/friend/relative wants to get involved financially

assuming that its completely for investment so not PPOR

how are they usually set up?

how does this change if its 50% financial involvement on both sides,

as both are taking the same financial risk but one is doing all the work
They can work well but there are a lot of variables. For example, if you provide houses (either as a builder or supplier) and someone has a flat land subdivision and cant' afford to build, you can enter into a joint venture where they supply the land, you supply the houses, and you split the profits as per the agreement based upon land value and house value etc. Might be 50/50 or could be another split.
I know in other cases, and this is subject to barristers advice, you can use an option or development agreement, pay a larger 'option fee' or deposit, with a smaller back end to the land owner, and there may be benefits from a GST perspective there.
It depends on what each party bring to the table. Sure you can bring enthusiasm and skill sets, but it may not be worth 50% of the outcome. Typically if someone is supplying the entire financing they'd be in for a bigger stake, say 70%. All comes down to what you negotiate, how much is estimated as profit at the end etc etc etc...
Find an experienced solicitor. First and foremost, then a good accountant with experience in property deals.