Opinions on splitting rent with a partner

[Brian Wobbe]

I have a friend that mentioned buying a house (duplex) to rent. I have the money, he has the time. He seems to be good with handling the tenant end of it if I provided the financial end. The recently renovated house is 15k, located in Detroit, that he planned to fill with section 8 renters. I thought it would be a cheap way to get my feet wet in the rental business, and if it didn't work I could walk away without hurting me financially. I want experience. To him, the extra few hundred dollars a month would be a big help. I want the split to be fair to both of us, so could some of the BP experts chime in on some thoughts I had. 1. If I bought the property and hired a property manager it would cost less than than a 50/50 split would. 2. If he managed to find an investor would it probably cost him less than the 50/50. 3. Should I take a 80/20 split until the initial investment is paid then sign over half the house and then split the expenses 50/50. 4. Looking for passive income. I'm not looking to break even monthly to bank on property appreciation. Don't think it's going to happen. I would be willing to help out with repairs if he escorted me down there. Jury duty is the only thing that gets me down to the city. Any thoughts from sides of the coin, or other ideas would be great.