What a Deal! Now how do I set up this Partnership?

[Julie Marquez]

I have the opportunity to buy some multifamily properties with owner financing - score! The plan is to purchase half of the property from the owner, while he continues to own the other half. The original owner would manage the buildings. I would pay him the half mortgage payment, and then we would split the profits 50/50. The plan is that every year going forward I can purchase more and more of the building, until I am 100% owner. He already has the buildings in their own LLC.

The power of partnerships is endless, but I'm trying to understand how this specific opportunity would be set up and how the logistics would work. I don't even know where to start searching because I don't know a name for this type of purchase. Any insight on this would be helpful as I try to understand owner financing and partnerships, and this specific deal set up.