How to structure a partnership

[Elaine Hester]

Hi BP—Since this is my first time doing a partnership, I need some advice on how to fairly structure the split....

I'm coming in with 100% of the required funds for down payment, rehab, and mortgage from my SD IRA and my partner is bringing the deal, his network of contractors and property managers, and his own time and labor to help with rehab basics.

In short, the property is a Florida duplex that we will likely lease as short-term vacation rentals. It will be rental ready after paint and staging, which I will pay for and my partner will provide the painting and staging services. Eventually we plan to expand the building to a 4-plex as there is plenty of room on the lot and it is zoned for multifamily. Although we will likely not use the property ourselves as we are in California, my partner, who lives on the east coast does plan to use it on occasion for vacation from time to time. 

We are planning to close next week (before Thanksgiving) and need to properly set up LLCs asap. My question is how to fairly split the partnership between the two of us given what each of us is bringing to the table. Any other advice/feedback is welcome!

Thanks in advance for your input!!