How to pay back investor in rental property partnership

[Thomas Ackley]

I own and operate a duplex and cash flow an amount I’m happy with. I’d like to increase my portfolio but don’t have the cash. I know someone who I would trust going into business with and wants to invest money into something. How would I propose a deal with him to make it fair for both of us? I would do the work, as far as researching properties, working with the RA and most importantly, managing the property. For simple numbers sake, let’s say the multi family sold for $100k and there are three units at $800 per month. I could bring $2k and he’d bring the rest of the down payment. In the end, I’d like this to be a 50/50 partnership, but I’d obviously have some catching up to do. I’d want to offer his down payment back, plus a percentage along with passive income. I’d also want to be part of the passive income. Any ideas, as far as a framework for a deal?