distant partnership agreement

[Brock Hoffman]

Hey everyone,

I am looking to partner up with a friend I graduated with who is also interested in RE. We want to start with a smaller multi-family property and gradually move into large apartment complexes. He is working full-time in Wisconsin and I am working full-time in Michigan. Currently I am looking for a property in the Grand Rapids, MI area, and when I find one that we both like, I want to be able to pull the trigger. He has more of the money for a down payment and closing costs, but I will be more of "the boots on the ground", analyzing the property and dealing with any issues that arise. 

I was curious what a good partnership split would be in terms of profit for something like this. We are both investing together, but he is bringing more money to the table, while I am doing more of the work per say.

Should it be a 50/50 split? What do you all think? What has worked for your partnership?

Thanks!