Looking for Strategies for Equitable Partnership Agreement

[Justice Rutanhira]

Hi Bigger Pocket Community!

I am a new investor, and I'm seeking advice on structuring a partnership for a $650,000 property venture. This is the first venture with my partner.  My partner has a personal relationship with the current owner and is the reason this property is being sold to us. He is bringing in the property plus $25,000 cash ($20,000 to cover closing costs and $5,000 for initial operating expenses), while I'll contribute a $130,000 cash downpayment and handle day-to-day management due to my proximity to the property. Everything else relating to the property will be split 50-50. We are exploring an equitable partnership arrangement. Any insights or recommendations on a fair way to structure ownership are greatly appreciated.
Thank you,