Partnering with "a money friend"

[Daniel Rubenstein]

Question- there is probably a cool, professional way to word it, but I was wondering:  if I wanted to work/partner with a friend of mine who has the funds -but none of the time, knowledge, or contacts to find and manage properties- I would find the properties, find renters, and manage the property, and he would lay out the %25 down payment.  What is a fair way of splitting the ownership and/or division of profits (from both cash flow, and an eventual sale)??  I would present the deal to him, and if hes interested he would lay out the funds..

(I am not interested in just borrowing the funds for various reasons; mainly because I have this uncomfortable feeling of owing a friend this much money...even if I know it's somewhat secured in a property)

Is 50/50 split ownership fair? or is that too much for me as I have no money invested? What is "typical" in the REI world? and/or what do you think is fair regardless?

TIA!!