Structuring a Partnership

[Patrick Barker]

An acquaintance and I have been in discussion for awhile now about partnering on some future buy & hold deals.  I know there is a lot that goes into partnering with some one but my question is how people recommend we structure it.  My contributions would are: I have my real estate license, I live in the area we would like to invest in so I would be managing the renovation, tenant placement, and property management.  His contribution would almost purely be monetary but we both agree that I should have some of my own money invested as well.  One idea would be for me to contribute 20% of the funds plus everything mentioned prior while he provides 80% but we split the profits 50/50 what are your thoughts and/or experiences?  Thanks!