How to share ROI with partner investor?

[James Wierzba]

I have a financial partner that wishes to invest with me in a multi family property I am about to go under contract on. We will be splitting the cash out of pocket 50/50 (down payment, closing costs, inspection, appraisal, rehab) etc. I want him to do this, because this will free up some of my cash for another investment.

Now, what makes this tricky is that I did all of the work and I will be doing all of the future work. Finding the deal, closing it, maintaining the property, etc.

This will be a buy and hold property. For at least 5 to 10 years.

My only idea for distributing ROI to my partner is to agree up-front on some interest rate percentage, and simply buy him out at some point in the future. (For example, say he puts in $100k and we agree on 10% interest. I will pay him $110k later.)

I would appreciate any suggestions