How to structure this partnership deal?

[Justin Dixon]

So I have a deal, and I think I have an investor too. My question is how do I set up the deal? I been looking all over BP for partnership deal examples but I haven't found any. The ones I did find where about partnership LLCs. Anyway this is what I am thinking: The investor would give me the money to pay for the downpayment and rehab for the property, I would buy, rehab, and manage the property. I will do a cash out refinance after 6 months or as soon as the rehab is finish (I have a few credit union banks that will allow me to refinance it as soon as I finish the rehab) and pay the investor back his down payment and rehab cost plus another $10k. Is this a good way to do a partnership? I am a buy and hold investor so this is the only way I could think of doing it and being able to start. I was also thinking doing this but on a payment plan to the investor? Any and all ideas and help would be appreciated.  

[Brian Barfoot]

I'm looking into a similar strategy. Quite interested to see what folks say.