Portfolio cashout refi BADCREDIT partner GOODCREDIT how to SPLIT?

[Douglas Hogue]

I have a portfolio of 5 properties valued at 400k. I cant access it because my credit is shot. A little back ground the deals was 185k 2 multi families and 3 sfh. 60k down payment with owner carry at 6% for 5 years. This was a amazing deal. I am looking to cash out the previous owners and use the rest of the cash to build. My credit is not great right now I just purchased my first home. I have a friend that has great credit and looking to get started in his real estate career. We started talks about how we would split profits from next deal and he wants 60% and I take 40%. I thought 50/50 would be ideal. I have the properties I have about 2 years experience with contacts and connections. looking to get some feed back on some options on handling this partnership.