How to do a partnership?

[Ricky Lopez]

I recently asked my brother if he would be willing to partner with me on a property I would like to hold and sell. The property is only 56,000 in a growing area and I would live in the house for about two to three years.

My questions are:

If he is covering half of the down payment, do we split 50/50 the equity we possibly gain after sell, or is it only half of the down payment with interest? I would only be putting down the 3.5% for the FHA?I have more to put down, but want to have enough left for any repairs or appliances needed for the house.I am new to this so I could be way off on the structure of partnerships. Any feedback would be greatly appreciated.