Entering a Partnership to fund multi-family acquisitions

[Jared K.]

I currently have 3-family and would like to expand but do not have the capital.  My original plan was to build more equity in existing property and build up enough for next down payment, however I already have an investor who would like to go into a deal with me.  Initially we discussed a flip to start (never done one before), so I've been thinking about structuring a partnership and acquiring a multi as that's where I have experience....here is what I was thinking.  Has anyone been successful with an arrangement like this?:

- I find the properties and manage them

- He provides the capital for the down payments and immediately owns that amount of original equity, so he always gets that back.  The rest of the property's equity that accrues is split 50/50

- Expenses and improvements are split 50/50

- If I buy him out down the road, I need to provide him with his original down payment for that property, plus whatever equity has accrued, and vice versa

Thoughts??

-Jared