Partnership Structure and Financial Justification

[Scott Loopstra]

Hello, Big Pocketers. I am a newbie; no deals yet, but learning. I greatly appreciate your collective information. 

My question pertains to a hypothetical partnership and financial justification for both sides. Managing partner does all the work (finding, rehabbing, managing) on a $100K property for 30% ownership, and an passive investor provides all the capital for 70% ownership. Partnership is buying at wholesale provided by the managing partner. Retail value is $110K.

Upon initiating the partnership and purchase of the property, does the value to the managing partner hit $33K (30% of $110K) and the value to the capital partner drop to $77K, or is there a better way of structuring the capital contribution?

Partnership divides the profits 30/70. Rent is $2200/mo,net profit 50%. Managing partner nets $3,960/Yr, Investor nets $9,240. 

How does one do the financial justification on behalf of the investor? Pre-appreciation equity to investor is $77K. Annual income is $9,240, so it appears that it takes two years to recoup initial investment. Is this normal, or is there a better way to structure a deal like this? 

Any information is helpful. Thanks!