Best way to structure a partnership

[Anthonie B.]

I need advice. How do I best structure a partnership deal with a family member? 

I am getting $50k from a family member to buy an investment property. I will find the property, get a conventional bank loan, find a tenant, do the repairs etc. and manage the property. The $50k should be enough to cover 20% down, closing costs and minor repairs with a small amount left. The deal should cashflow approximately $400/month. The idea is for the cash flow to build up and cover repairs. Then eventually the excess cash flow can be distributed.

How should I structure the deal with the family member?