How this type of Partnership would work??

[Devon Angle]

So I have a question. Currently I do not have the funds nor will I have the funds for some time for the deals that I have found recently. Been doing a lot of foot work, an things make sense to more forward. There is a high demand for places to rent in the neighborhood, rent prices are pretty reasonable to make a profit, taxes are not expensive an the town is currently building big bushiness in or around the area. So the only reasonable solution would be to find a money partner, someone who just wants to unload cash into real estate but doesn't want to do the leg work an wants a return. There are plenty of cheap houses that need rehabbed that would have equity in them as soon as they were finished, there is a good property manage company that I have already questioned an they seem to me like a good fit from the various sources I'v read from. Now how in the world would I set this up once I found a lender who was interested in what I had to offer? I know starting out I am not planning on profiting much on the actual profits, maybe 20 to 40% depending on the situation, even that could be asking to much starting out. I just want to build a good reputation before going after really big profit margins. So say I found a place, I could rent for $1000 a month, and I wanted to keep 40% of the rent in the account for Insurance, PMC, Taxes, Repairs, an other unexpected things. That would leave $600 profits on the table. Now how exactly do you legally set this up so I would get my 20% they get their 80% without being able to touch the other cash for expenses. Basically I just want to run the show without them being able to meddle, but want to pay my partner/lender their share as agreed fairly. Then also there is the Depreciation that you would get over 27.6 years on the house, not sure if that would be considered profits, or since i only own 20% of the house/LLC i would only be entitled to that 20% margin, or I could be so way off base that I don't even know what I'm talking about when it comes to the depreciation.

 Sorry for the long winded post but I really want to get educated before I start really Networking. I want to get everything figured out so that when I move forward, people would look at me like "This guy knows what he is doing an knows his stuff". Your help and advice is greatly appreciated. Hopefully I can take what I learn from this an help others down the road in the same situation as I am currently in.