Partnering on single family buy and hold

[Samantha Smith]

I'd like to hear from people who have partnered on single family buy and hold deals. 

My understanding of buy and hold is that unless you're BRRRRing it's a long game. If you finance and put down 25% it can take you years of cashflow to make back your initial investment of down payment and closing costs before you actually start making money on it, not accounting for the equity paydown.

I have some potential deals in my market; I don't want to tie up all my money, but I do want to aquire more properties now so they can be paid off when I retire. So I have friends in mind who might have some cash laying around, but I'm not sure how to structure the deal to make it interesting to them.

I'm curious how people who have partnered on this type of deal have structured their deal to repay their partner or make it worth their partner's investment.

Do you give them all the cash flow for the first few years until you've paid them back plus a reasonable interest? Do you ask them to play the long game with you and wait 15 years before the cash starts flowing? Do you split maintenance/down payment/closing costs/expenses 50/50?

Any and all info is amazing!

Thanks!!