Partnership Structure Questions

[Andrew Hejtmanek]

BP Friends - 

I am in need of some good partnership feedback/ideas.  I am currently an investor with a couple of SFRs, which both do well, but am looking to grow.  A colleague of mine currently works with local investors and manages 200+ SFRs accross our local area (as an employee).  He has a great deal of expertise and would be an ideal partner.  We have initially discussed purchasing a few rentals he currently manages, which ownership has offered to carry. 

We have discussed various ways to structure the partnership, but most result in a 50-50 partnership where we pay him some kind of management fee (which I want - I want to take care of him).

Here's my main concern - everytime I run the calculators, they show him making all the profit and very little of the cash flow making it back to me.  The deal will likely already be more equity heavy and cash-flow light as the offer we have would be to owner finance 100%.

 The deal hits the 1% rule (1.05%) and all the properties are are fairly upgraded and rented (again, my buddy is managing the properties and knows all the ins and outs of the properties and tenants).

Are there other options I should be considering?  Ways to structure the partnership?  I want to take care of him, but I also need to see some cash results as well.

Thanks!