Boots on the ground partnership. Dividing equity.

[Peter Lower]

Finally buying my first rental property (Iowa) and am working with a real estate agent to be the boots on the ground / prop manager / landlord as I live in another state (Washington). We want to partner vs me paying him hourly. I will do all the remote work I can (as I live in a diff state), provided all the financing and the mortgage is in my name. I plan to keep buying properties in this location and build up a portfolio of B/C properties w/ good cash flow.

What is a good partnership equity split?

Should we create a company together or create a new agreement for each house purchased (as funding may change, he wants to eventually chip in on the down payments).