Advice on financing with Brother-in-Law

[Paul K.]

Hello,

I have a question about the best way to structure this long term rental real estate deal.

My brother-in-law found the property, has little capital, and does not have the capability of pulling another loan out.

He is asking for me to go in on it with him(we have done deals in the past), and I would need to apply for a loan and pay mortgage under my name.

We're putting 20% down, planning on splitting that.  Then the rest we are not sure how to structure.

I pay the mortgage, collect payment from tenant with around $400 surplus over mortgage, and give brother-in-law $200?  

Any advice on best way to set this up so it's fair for both parties?  

I'm new to this so any guidance would be greatly appreciated 

Best,

Paul