How to Structure a Partnership

[Robert Kemp]

I have a friend interested in partnering with me on a deal. I've invested in 2 properties 1 SFR & 1 Triplex. I currently manage them both and am experienced with the whole process along with finding deals and analyzing them. He has been saving his money for years and has plenty of money saved but no experience with real estate investing. I was thinking he supplies the down payment and acts as a silent partner. I am the boots on the ground, managing the property and doing everything in between. Then after that we split cash flow 50/50? How about repairs ? I want to structure this as concise as possible. Thank you in advance!