How would you structure this partnership?

[Courtney James]

Hello all!

I am starting this thread to gain some insight on how you would approach structuring this partnership.

I am located in Ohio and I currently have three deals under my belt in regard to the rental properties I have (7 doors total, fully occupied). I have used traditional financing, seller financing and cash so far.

I have an associate from out of state on the west coast, who is looking to invest where I am at locally and partner on a deal. This would be their first rental property, they want to leverage my experience and have me lead the property management side of things.

On their end, they would be the one securing the financing through a loan, and I planned to match whatever they put down on the property to complete repairs and get us rent ready.

What steps would take to solidify this partnership and how would you split profits?

All thoughts are welcome. Thanks in advance.