Real Estate Deal - Partnership Structures

[Marshall Leipprandt]

I'm looking to bring a partner on for my next real estate deal and my goal is to have them contribute a portion of the down payment along with some of the renovation budget. The deal would be a small multifamily and would be <$500K. I 100% want to do it the right and legal way and would work with a real estate lawyer as needed. What are some recommendations on how to structure this deal? 

My current thought is to write up the partnership where I offer the partner/investor an annual return on his $ with payments made quarterly until the full payment w/ interest is returned. Fully open to other ideas/structures that have worked for others!