How to properly structure a deal with a partner

[Robert Cook]

Hi there, I'm wondering if someone could walk me through a scenario where two people come together to buy a multifamily. One person supplying the majority of the cash and the other person managing the property. What is the correct/ legal way to do this? I would imagine contracts are involved but I'm just curious how I would get this process started. I have a friend looking to invest in rentals but he doesn't want to be involved with the management side of things. Wondering how to structure the deal. Thanks.