Partnership Deed On My Grandmother Property

I want to know that if there is a partnership between two people and the profit share is such that the first party is asking for 60% share and the second party is asking for 40% share. He is investing money to run the guest house but the property is in my grandmother's name. Can the first party sell or take possession of the property. But first party want to Partnership deed for atleast 3 year is there any fraudulent happen on my grandmother property during this period.