Cash/Equity Partner Deal Structure Help!

[William Henze]

I believe I may have found a PML, great! However, she has expressed that she too has wanted to own rental properties but doesn't know how and thus the idea of becoming partners has come up. Can anyone help me with ideas on how your partnership is setup and possibly what I need to think about moving forward? I dont want to pass up this opportunity but I also dont want to be foolish and get burned. Any info and suggestions is greatly appreciated! Thank you in advance!