New Partner Question

[Katherine Earle]

I am about to purchase my first rental with a partner. I will be doing the property management for the rentals I buy with my out-of-state cash partner. Do I charge my "Property Management Company" a fee for the services and then split the cash flow and equity if we sell or buy each other out at some point? I will also be the agent, assisting with the purchase. Do I charge the normal commission on top of all of that or waive it as a personal transaction? It feels like I'd be getting the lion's share of the deal. He is a very generous man, but I don't want to be taking advantage of his lack of experience.