How do you split a deal?

[Jason Duncan]

I am partnering on a deal for a fourplex; my partner is providing all the funding, I found the deal, I’m closing the deal as our agent, and I am managing the rehab then the property/tenants. We have agreed to a 50/50 split. I am trying to make the most educated decision I can regarding how we split everything beyond this; do we leave all the rents in an account and pay out 50/50 of the profits at the end of the year? Do we split the profits 50/50 every month? Do I expect my partner to pay all repair/upkeep cost as I am managing the projects?

Thanks in advance!