NNN Lease - Partner Split Ideas

[James Allega]

Hey Everyone, I am working through some ideas on structuring a purchase of a commercial office property with Fee simple interest NNN Lease, A rated tenant. Anticipating 30%-40% down payment. Cap rate is 7% with 10 years left on 1st lease. Tenant just invested over $1M in renovation which shows commitment. Rent escalations are in place every 5 years and with two 5 year renewal options. Purchase Price $1,750,000. These are just rough numbers for conversation sake.

I am willing to put about 10% down with my own money so I have skin in the game, but looking for ideas on structuring the other 20%-30% with a high net worth individual who also has purchased similar properties over the years for their day to day business. This investor would be 100% passive. I found the deal and will work it, negotiate...etc. 

My experience is limited to residential SFH rentals and 1st & 2nd mortgage notes. This is an opportunity I am working on in an effort to get another notch on the belt toward my goals of being in the commercial space.

Curious what people think is a fair split?