Equity Partner Deal Structure

[Eithan Abramovich]

I have a certain deal structure in mind I would like to propose to a possible equity partner (friend). 

-He puts up 100% percent of the private money. 

-We split equity 50 / 50. 

-He gets a higher percentage of profits until my 50% is paid off. 

-I find the property and rehab it. 

Does this make sense? Is this common practice? How would the legal aspect work? What would be under whose name?