What is the best partnership for a family member and me?

[Jeremy Karja]

How should I structure this partnership?  My father has about 1 Million in different Landon he purchased over 10 years ago.  Some has double his money in appreciation and some he is even.  The Land is a cabin next door to his home, an antique shop that does not have a shop on it for years, hunting land, and vacant land.  He gets no income from these properties AT ALL.  The problem is he owns a construction company that only has a couple employees and does not see a retirement in sight.  Working 6 days a work VERY long hours and is about 60.  I don't see a way out for him unless he takes some of these properties and turns them into income.  

So to solve his problem I was thinking of suggesting sell off 500k and I an leverage this into may 15 duplexes or 7 fourplexes to produce around 7500 of income a month for him Assuming around $250 a door per month net of expenses.  With my partnership I was thinking I could invest 10% of my one money and for my work I get 20% of the income and ownership.  We would both manage but I would do all the set up of the deal and he would probably pay to fix them all by his own hand.   

My question is, is this a good deal for me and him?  Is 20% enough for me to do the deal?  AKA $1500 a month with these numbers or the process to do all of this?  Or is there a better way to structure the deal with upfronts fees like to 2 or 3%, do a 50/50 deal and I use 30% or 40% of my money, etc etc?

Love to hear any and all thoughts.

Thank you,

Jeremy