My first deal with a partner and I have questions!

[David Campbell]

Good Evening fellow BPers! Quick question:

I am getting ready to purchase a MFH (4 unit) in my local area. I am probably going to make it a joint venture with another individual (my first time doing this), who will provide the down payment on the complex (approximately 40k). I researched and found the property and will liaise to make the deal, as this other indidivual is not closly located to me or the location of the MFH. All four units are occupied and should cash flow ~1,000/month total. I know there are a million different options for what the business deal could look like, but in your guys' vasts experiences if you have entered into a deal similar to this what did you work out? How would you split cash flow? Would repairs be split down the middle? ETC. Thanks in advance!