Should we form a 50/50 partnership?

[Michael Dubiel]

Hi name is Mike, 

I am new to the investing world and BiggerPockets.  

I have a question about starting a partnership.  So first, just a quick rundown of our situation.  I live in Cleveland and I am partnering with my brother (who lives in Chicago) to start investing in rentals.  We will only invest in Cleveland properties.  I am a home remodeling contractor and my brother has the money to get us started.  My brother will be buying the properties and I will be marketing to find the properties, renovating them, managing the tenants and providing the ongoing maintenance.  

I guess my question is, what does a reasonable partnership look like in this situation?  We were originally thinking that a 50/50 partnership seemed right since he is taking on the risk.  Does this seem fair?  Should he be getting more since I have no skin in the game?  AND, should that percentage change once we have built some shared equity in the company and I can start contributing monetarily on my end? 

We are about to set up an LLC and would love some input from the experienced BP community!

Thanks for any advice!

Mike