Out of State Partnership Structure?

[Reid R.]

Hey everyone,

Looking for some guidance around structuring partnerships.

I currently live in SF where the barrier of entry into the real estate market is too high for me so I am hoping to buy my first real estate property in Cincinnati, OH. I am originally from Cincinnati, OH and still have plenty of relationships in the area.

Since I only visit Cincinnati a 1-2 times a year I would like to partner with a friend who still lives in the area and is a project manager for house rehabs. We're both new too real estate investing and our biggest question right now is how to divide up the work and eventually the profits.

From initial conversations, we're thinking he could specialize in rehabbing/contractor relationships and I would focus more on finding the properties and bringing financing to the table.

Note: I would probably bring %100 of the financing we would need for the first property.

Does anyone have any advice on how to structure the partnership or advice on how to be successful in this kind of relationship?