To deal or not to deal? two quads

[John Bryant]

So I've been working with a partner for the past 5 months. We are doing multiple flips together and doing well. Some I fund rehab most he funds it all and I run the projects. Been going very well. He has wants me to come in with him on two quadplexs. We've been talking about it for the past few months. He closed on them last week. I attended the closing to verify all legit etc. So here's the numbers.... purchased for 400k. Down payment along with other expenses it came to 112,250.

Long story short he's offering 50% and we split everything! profit and expenses. initial out of pocket for me would be about 64,125. that's my half of expenses and he is making some improvements right away to justify rent increases. 

My portion of cash flow after all expenses comes to 938.50/mon. 

One thing that worries me, I know we are going to have multiple people move out in the next couple months and units will need work as they rotate. floors 5k paint 2k etc... I'm pretty much all in at 64,125, partner is willing to front costs and maybe spread out costs for me. We are doing well with flips so I know money will be there in time.  I'm thinking in the next few months there will be an additional 20k of work to be done which 10k will be mine. 

What about this option. I pay 64k for a slightly lower % ownership (say 45%) and double my % contribution for rehab every month, but I am not responsible for any addition costs for the property? Maybe if something big comes up like new roof or plumbing I could split? Say any single expense over 10k I would split? 

Hope this makes since. I'm nervous because these are all my eggs and I'd like to continue to cultivate relationship with partner. 

Opinions? Options? Oh and we are going to attorney today to begin to look at how to structure either operational agreement or Joint Venture.