Structuring an operating agreement that is fair

[Jacob Voncannon]

Since this is a similar question I thought I'd ask it here given the sweat equity part. This is my scenario:

If I was working with an out of state buyer as a partner to purchase multiple single family homes as rentals. What would be a good equity / cash split? They would be providing the capital I would most of the work finding the deal, negotiating, managing rehab, Property Management and upkeep. I was working on these assumptions:

Cash in deal (down payment, financing rehab, etc):25k

Cash Flow: (Annual) 6.25k

This is what I'm thinking. After the capital invested, any appreciation after the sell and cashflow would be split 50/50. Does that sound reasonable? Am I being realistic?

What have others done when working with an investor's capital on a long term buy and hold strategy?

How would you handle this from an operating agreement and equity split of a company like an LLC?

I would be looking to do this on several houses with a single investor.