Partnership Question for Starting Out!

[Daniel Phai]

Hello BP!

I have a possible partnership opportunity and I wondered some of your thoughts and expertise. 

BACKGROUND

My partner has all the capital for the upfront costs to purchase a single family, but doesn't have a great job or credit score to gain a nice mortgage. He also has zero experience. I've been mentoring him here and there. In my advantage, I have done deals before, I have a team set up, I have a high paying job and excellent credit, and I'm currently saving up for a multifamily deal which I would love to do on my own. 

It'll take me about 6 months for my multifamily goal, so in the mean time, I wanted to see if this partnership can be a great way to spend my down time doing an actual deal and also getting some extra cash flow.

My potential partner and I have complete trust in each other and have worked with one another for four years. There is no question about integrity on either end.

QUESTIONS

1. My approach will be to be 50/50 partners. He will pay all the upfront costs (down payment, closing, minor rehab, etc.). The only skin I will have is putting a $10k reserve for this property. I will use my credit and my work history to get the best rate and pick up the entire mortgage. I will also be a mentor to him throughout his first ever purchase. Thoughts on my possible future set up?

2. I want to make sure that we're both protected. I would love to set up a contract. Anyone have any experience setting up a contract listing 50/50 partnership, operating agreements, etc.

3. How does it work in terms of taxes? For example, if the mortgage is under my name, the interest is deductible. How can my partner get some of those benefits?

Thank you!

Daniel Phai