Tips for structuring partnership

[Mark Aghajanian]

Hi Bigger Pockets Community! A few friends and I are just getting started down the path of real estate investing. We'll be buying our first SFH in Indianapolis in the next couple months. We're going to BRRR and will be targeting houses in the $70-100k range initially.

Three of us are going to be doing all the work and putting in ~$25k each. Then there's a fourth that will be doing no work, but also putting in ~$25k.

Do you guys have any tips for how we can structure this partnership? I'm hoping there's a tried-and-tested, standard way to handle this that we can follow (e.g. we charge the fourth a management fee or something simple like that).