First Rental Deal- is Partnership the best option?

[Billy Quirke]

I am an aspiring real estate investor in the Chicagoland area. I just finished all the renovations on my current home that I bought in August 2019. I am looking to buy another long term rental within the next couple months, and my plan is to have an investor come in and provide 75% of the down payment and closing costs (we will be putting 25% down on the property). I will get tenants in place and manage the property myself, splitting the equity/cash flow 50/50 between myself and my investor. The property will cash flow enough for them to make passive income on their investment until I can either refinance or buy them out of their position. 

Renovations on the properties I have looked at will be minimal, and I will have reserves going into the deal. I have already gotten preapproval from a lender with no seasoning requirements. From the numbers I have run on the deal, if i can get the right purchase price this seems to work well for both parties. My partner will get passive income every month and will be paid their principle once I am able to refinance, and I will gain experience of property management and receive 50% of cash flow each month. My plan is to have my investor's money back in less than 5 years. 

Does anyone have any experience structuring a deal this way? Any suggestions or critiques would be greatly appreciated!