Partnership percentages with 1031 / mortgage

[Joe Bourguignon]

Hi, BP! My friend and I are considering a partnership, which would look like the following: 

• He brings most of the downpayment via a 1031 exchange
• I find/analyze the deal and get it under contract
• I get the financing, since I have a W2 job, and he's self employed
• I manage the deal

What should the equity and cash flow splits look like?  What about if I had to bring some of the down payment?  

I'm assuming we will draw up an LLC partnership with a real estate attorney and they should be savvy enough to write a contract for us, based on what we agree to... In order to protect everybody, does somebody (the down payment bringer) need a lien on the property? Will a bank let that be in first place, or is 2nd ok?

I've read on this topic on BP here and here, but didn't find anything similar enough, so I thought I'd post a new topic. I enjoyed @rick baggentoss' (not sure why tagging isn't working? Mods, can you tag him?) commentary in that first linked post, since it separates out percentages by "job duty", which seems equitable, as long as everybody agrees!   :)

Thanks in advance!

-joe