Fair partnership terms for a 2-4 unit buy and hold

[Amanda Sinclair]

My Husband and I are looking to partner with a family friend on our next deal. We have one three unit building that we've been managing for 4 years and have been learning what we can from BP. So we have some knowledge and experience and we will be finding the deal as well as managing the property. Our partner will be providing the down payment and closing costs.

The plan is to buy and hold a 2-4 units with good cashflow.

What are some examples of fair terms for such a partnership?