Partnership for $400k in NC, money investor side

[Andrew Masky]

Hi, I'm a new money investor in RE trying to make some money and learn how the process goes.

My partner and I are engineers with good enough salaries, and were thinking about making an investment on a 400k property in NC.

1. I'd be a semi-silent investor: 80k down, negotiating the mortgage (it might be in my name only) and with contractors (but not actually sourcing and managing them).
2. He would be covering all of the rest: 10k down, finding the deal, property manager, selling etc..

We are both inexperienced but very motivated and data-driven doing a good amount of research (10+h/week for the past 6 months)

The proposed split is

1. equity: 70 (money investor, me)/30% operating (after recouping initial investment)
2. cash flow: 50/50% after operating expenses.
    

I'm not looking for a magic number of what the partnership should be, but I was wondering if you think that it might be a reasonable deal in some universe or either of the two sides is getting ripped off.

Thank you and I hope it'll be helpful to any future partner trying to shape their deal!