What is an equitable structure for REI partners?

[Brent O.]

My business partner and I began REI about 6 months ago. The way the partnership works is he supplies the investment capital, money, and I do all of the acquisition and property management. Our strategy is simply buy and hold as we build a portfolio of single family residences. Another aspect to the relationship is that my partner is my brother.

So, I want to be completely fair in regards to an equitable return of his capital, but also not discount the work involved in all that I am responsible for. 

I have asked some REIs locally and the common theme seems to be a 50/50 split.  Here are  my main questions.

1.  Is that typical and fair?  

2.  Specifically, how are these splits done?  On first dollar or on returns, growth in equity, etc.?

3.  Should I take some sort of a management fee? Do others do this and then net the fee from the split?

I'm sure there are numerous ways to structure a partnership.  I'm really just looking for solid advice on a straightforward structure that is fair to both partners.