How to structure partnership in rental properties

[Daniel Karbownik]

I'd like some advice on how to structure a partnership between 2 individuals with the following skill sets, for the following goal.

Goal:  To acquire rental properties

Skill sets:

Person 1:  Real estate knowledge, license, find/vet deals, handle negotiations, legal, tax, bank account, collecting rents, finding tenants. (day to day operations)

Person 2:  Master contractor, well versed in every aspect of residential maintenance/remodeling, more flexible schedule to be able to visit properties and make repairs/upkeep.  

Both partners have enough cash to bring to the table for 50/50 equity as far as acquiring first 2 properties.  However, Person 2 has bad/no credit, and Person 1 and his wife have excellent credit and bank financing will be obtained solely based on Person 1 and wife's credit.

Given the situation, does it make sense for a straight up 50/50 equity and profit splitting?  Should Person 1 be compensated extra for the additional risk of taking on debt?  Should Person 2 be compensated extra because of possibly more time/energy spent making repairs?

Would it depend on the property?  How about if a property requires a lot of repairs up front to be rent-able, but another property requires almost no repairs or maintenance for a year or 2.  Should these situations be treated differently? Or would it be more fair to just say 50/50 no matter what and it should even out over time?  

Thanks for the help BP