How to structure business with friends

[Murali Jesudoss]

Hello BPers, 

Thanks to all the knowledge and tips, I am an investor now with 5 under my belt, few more in contracts to close in few months. I started venturing out talking to my friends on how we can grow together in partnership. I had worked out one structure with 5 friends where we all put in same capital(in LLC) and I take 24% and the others take 19%. While I found 5 properties for them off market, this may not be sustainable with the amount time and work I had to throw in, as I acquire, close, finance, and handle all day to day. Even the loans would be in my guarantee which is another risk for me. I am thinking of below structures..

1) No capital and I take 15% share for fully owning the business side of it and having all of them as passive investors.

2) Put down 35% capital and take 51% share and let them bring 65% capital.

While I would like to continue this passion and grow along with others, I would like to be fair for my work/time and my friend's capital. Can you all pls share, if you had similar structures or had seen people doing this successfully.