Unique Partnership Split... Need Wisdom!

[Jeremy Cox]

I've got a unique situation that I can't find an answer for in the forums. My friend and I want to invest in an out of state market, one that he grew up in and knows very well. I have the money for the financing, but my partner won't really be able to help in that area. We both live in Texas, out of state from where we want to invest. I want to partner with him because we have a good relationship and he knows the area very well. We are planning a trip to that area to build our Core Four, network and look at properties. My concern is keeping a split fair. If I provide most of the down payment and he handles the networking and building the team, as well as putting a small percent down for the down payment, how would a revenue/equity split work? We will need to rehab these properties and that would likely be paid for mostly by me. We would need a PM to manage it so that would be another cost. I've never partnered with anyone, much less with it seeming to be very one sided, so I have no idea what would be fair for a split of revenue/equity like this. Any ideas?