Just got under contract - how do I structure a JV

[Lance Gordon]

I have been searching for 6 months and finally wasn’t beat out by a cash buyer! I would like to rent the property out with mid and/or short term rentals.
I’m excited but also very hesitant to take the financial risk and make the decisions alone as this is my first house.

My friend is willing to JV with me by going in 50/50 for closing costs, down payment, monthly mortgage, fees, etc.

My friend will be willing to do very minimal
work like phone calls and be a sounding board for our venture. He has a full time job that keeps him busy. I however have made the move to do REI full time now.

Considering the following what’s the best way to structure our JV:
I have been looking for a deal for 6 months, traveled, put in offers, and found this one finally. (Might have had analysis paralysis since it was my first time)
The note is under my name.
I will cosmetic rehab it myself (I plan on doing most of it myself as I like DIY despite my inexperience) bathroom and all the floors to start.

I usually see deals where investor puts up all the money and the other person does all the work and they split 50/50 but I had trouble finding this scenario.

What would be the best way to split equity, profits, etc?

Thank you!

Lance