partnership structure- is this fair?

[Max Kats]

I have an great deal. The numbers don't matter I'm concerned with your opinions on the the structure, fairness and possible suggestions on how you would structure this deal in a way that is fair for both sides.

I found the deal and brought the entire down payment - I am a realtor and will get a commission on sale (paid by seller)  

My partner secured decent financing, I would not otherwise be able to secure (recourse loan we are both personal guarantors)

we are 50/50 equity partners in the deal as members of LLC

My partner will handle, stabilization, management, rental, repairs, decision making, accounting. (There is a 10% management fee added into expenses but someone still needs to give the management company direction- my partner is the management company but 100% trust worthy eats the small repairs and fixes and does a fantastic job no issue with this item at all. I sleep easy at night.

I will be hands off after closing. 

We will split the profits 90/10 with me getting 90% of the profits. he will pay me back 10% at an unspecified time or at the point of refinance 3-5 years. (we dont plan to sell)

At the cash out refinance we will split the money 50/50 and he will use his portion to repay my 50% of the deal and at that point profits will be recalculated to properly reflect the equity. 

Is this fair? Who has the better deal? Am i missing something? How would you guys do it? 

I am having a hard time knowing that 10% of my equity is not earning a return for 3-5 years

Also since i brought the entire down payment a 50/50 equity split seems rich but I know that the labor and management obviously deserves compensation.  

[Alex Olson]

@Max Kats This is the great thing about joint ventures. You can structure it however you want to. There is no rule. If this is a close friend or family talk it through with your concerns and make sure he shares his. It is important that you are both happy with the deal. That is all that really matters. I think the deal you outlined sounds reasonable. If there is a way to make it simpler, that would be better. Hope this helps provide comfort.