How to structure this long distance partnership?

[Richard Bae]

Hi all, 

I was wondering how to fairly split a partnership I am currently in. I've been itching to get into real estate investing but currently live in silicon valley and decided its not the market for me right now. I have a sister and brother in law in Chicago who have always thought about getting into real estate but haven't taken the first step yet and I knew they needed a push to get started. 

So I took this opportunity to approach them about starting a partnership where I can get access to their local market and they can leverage my knowledge and drive to get this off the ground. So I reached out, found agents, found lenders, looked through and analyzed deals and brought these to them. We just recently got an offer accepted on a 3 unit, buy and hold, but never had the chance to discuss equity split. 

I did most of the initial leg work,  taught them investing on the way and planned to handle whatever management tasks that I could do remotely from CA. However they did do the property viewings, plan to take a more active more in the management/tenant screening, and I do completely rely on them to handle tasks that require local presence. 

They have more liquid cash and plan to put 66 percent of the down payment but will split the loan amount 50/50. How are partnerships like this typically structured? How is equity and responsibilities split? 

They are learning more about the process and getting more involved. I just want to do what's fair and am not trying to get an edge on this deal. We all trust each other and value our family relationship over money.

We plan to buy more properties in the future as well.

Any insight into this would be greatly appreciated. Thanks BP.