Advice for structuring partnership and equity/profit share?

[Christopher Kramek]

Hello! I have been following the forums and podcasts for about a year now, but this is my first actual post. I have a few investment properties under my belt (converting primary residences into rentals), but am now looking into scaling up and doing my first partnership on a buy and hold condo, and looking for some advice on how to the structure the deal, especially from an equity/profit share perspective.  

Some info....The initial investment of $40k (20% down pmt and about $5k in repairs) will be a 50/50 split between my partner and I. He will be completely hands off, while I will be doing all the work and taking on all the risk.  

What are the different options for structuring the equity/profit share in that scenario?  Do we each assume 50% equity in the property, but I get 75% of the profits (expected to cash flow about $250/month initially).  And what are some recommended avenues to get a formal contract like that drafted up?  I do not have a lawyer yet that i have worked with before.  Would greatly appreciate any advice!