How to Structure REI Partnership in all Cash Deals

[Matthew Netwon Marquess]

I'm looking at creating a partnership with an investor who would like to do an all cash deals on buy and hold properties.  The partnership would be between the investor and myself, I would put up a small portion of the investment (around 10%) and they would pay for the remaining (around 90%).  I would be the one determining the property, fixing it up, finding a property manager, and everything else that would need to be done to rent it out.  The property would be around the $250,000 range.

I was wondering what would be a fair level of compensation for each person?  Does anyone have recommendations for this kind of agreement? 

Thanks for your consideration!