Partnership Question finances and breakdown

[Brandon Cohen]

Hi All, a partner and myself are starting out our buy and hold venture and I had a question hoping someone here has dealt with and/or ideas are welcome:  

We're heading out next week to look at single and multi families to buy and rent.  I'll be putting down the downpayment, but I want us to be 50/50 partners as this is only the first purchase and I anticipate more purchases down the line where finances will be 50/50.  Reason for this is because he's light on savings as he just purchased a primary residence and renovated (which I sold to him).  

Trying to figure out a payment structure where he sees the fruits of our labor while also paying myself back.  

FYI this is around $150k purchase point if it matters.  Any insight is appreciated.