Partnership structure discussion

[Kyle Godbout]

Hi there!

I wanted to get a feel for how others have structured their partnerships that may be similar to what I am contemplating on doing for the first time. I have done partnerships in the past, however, not with three, or more partners. 

Basically, I am looking at the following: 1 partner  supplying 1/2 downpayment via cash. 1 partner supplying other 1/2 downpayment via equity from other properties. I would be providing the property management and basically day to day operations with the property. We would have 1/3, even ownership of property.

I was curious as to how others have done this. Does property manager (me) receive any management compensation or should I expect to manage it, in exchange for the equity alone?  Do you usually pay back the initial cash investment before any profit is shared at the end of year? I am experienced with property management, and have always done partnerships with only one other partner, with pretty simple roles and terms.