Originally Posted by VydorScope
This. And make sure ownership of the rights is spelled out before a single word is written. Make sure the entire deal including but not limited to: who does what part, who will be the editor, who covers marketing, who find publishers, who talks to agents, who picks cover art, and who comes up with title. Leave nothing to doubt, and your chances at success will be higher.
There goes the fun.
Not saying it's not good advice, just saying that it doesn't sound like much fun any more.
There is some - not exactly contrary but maybe complementary - advice to be considered too: If it ever comes to needing to call upon the details of the contract then you're pretty much sunk already. That's not saying the contract is not needed (it's good for both parties to have the details set out clearly in advance), but rather that you should only go into such a contract on the firm belief that it won't be needed. If you don't feel like this then it's probably better not to go there in the first place.