Bringing a Partner into a Current Property

[Kyle Johnson]

I currently own a duplex that is worth $250,000 that has a $190,000 mortgage on it.  After everything (mortgage, taxes, insurance ect.) the money left over is $825/month (prior to maintenance & vacancy, which has never been more than 1 day).  This is an extremely safe property, in excellent condition, in an "A" neighborhood so there are very few concerns I have about maintaining, or even improving, the income stream.  I have a fairly wealthy friend who wants to get into the real estate business but his wife is very hesitant and he wants a safe cheaper investment to show her its not all doom and gloom.  I proposed that he could "buy in" to my property but neither of us really knew how to structure it.  We would just want everything to be a 50/50 split after the initial buy in.  Does anyone have any experience with this or any ideas? Thanks for any help.