How to Structure a Partner Buy-In?

[Valentine Serna]

Has anyone done a deal where you have had someone partner with you on an existing property in your portfolio? I have a cash-flowing rental property (2%) that I was considering selling; however, I am considering the option of inviting someone to "Buy-In" to it at 50% ownership and I would teach him how to oversee rentals, acquire properties, etc. He has never owned investment properties but has cash and wants to get started down that path with a mentor.

How would you structure a deal like that numbers-wise?

I am aware of the importance of who you partner with, the need to make it legally protected and documented, the benefits of establishing an LLC, etc. All imperative aspects! 

But, I am primarily looking for feedback on the numbers side of the buy-in. I'd love to hear your thoughts!