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.