HELP - Partnership Agreements

[Gabe Nazario]

Hi all, 

I am about to submit an offer for our first investment property (single family home in Tampa). I am going in on this deal w/ a very close family member. The family member has the capital but no time. I have the time and a little capital. So we plan to split the downpayment 80/20 or so. The family member won’t do anything else other than add the capital for the deal. I will be running the property and making sure everything gets up and running. 

What’s the best way to structure a partnership for this type of deal as we would like to partner again later in the year in a similar fashion. Just trying to understand what’s in it for my family member since they are adding most of the capital. The cashflow profits really won’t be appealing to them especially if we split it a certain way. 

Let me know!