Partner split terms?

[Michael Healy]

I understand there's quite a bit of flexibility with respect to how partnership terms are arranged, and that an attorney will be invaluable to any deal involving non married real estate partners. That said, how have you or how would you approach a deal where one partner had strong w-2 income and some basic reserves and the other had substantial capital but no w-2? In this case the w-2 partner is enabling the leveraging through the loan which the other would not qualify for, and the capital partner is providing the down payment. Let's assume management responsibilities are shared but that could be on the table too. Is there an equitable scenario where each would own 50% of the property but, say, the w-2 partner would service the loan and they would split capex? Given complexities of amortization and interest how might you calculate time value of money so they ended up with equal cash in the deal? Would love to know how others have approached this scenario.