How to Structure a Partnership

[Jonathan McGarrity]

Hi all,

I am new to real estate and excited to get started down this path. I am planning to begin a partnership with two other parties. One person will be contributing mostly capital and research while the other two will be dividing the work of property management, touring potential properties and rehabs. 

What would be the best way to structure this partnership? An LLC?

How do value capital vs. work? For individuals not investing capital do you recommend hourly wages, ownership in the company, or both?

The goal for this partnership is a long-term relationship that will begin with single and multifamily homes in the midwest and south.

Thank you,

Jonathan McGarrity