How to structure a Partnership for rentals fairly？

[Wei Jie Yang]

How are the terms of a partnership usually structured in regards to rentals? How is the usual split? I'm the money guy in this partnership and he's pretty much project manager/deal finder/etc.

I worked with a business partner on a OOS flip in 2020-2021. The way that was structured was he found the deal, he  hired the contractors to do the rehab and would be the one to go over there. When the property was sold he was given 50% of the net profit after all my expenses (purchase, rehab, interest rate, property management, utilities) which I thought was 100% fair.  

Now he wants to use our partnership LLC to do rentals and airbnb and I am having a hard time wrapping my head around how to do it. If we go by the old way we did things, I would pay for everything and the rehab, and only get 50% of the profit from a rental? And when we eventually sell he get's 50 % of the equity on the profit?

Am I thinking about it correctly? Am I mistaken? I told him we should discuss terms on how this would work but no real response in that regard so far.  So I'm wondering how is it normally done.