Partnership Split Question

[Matt Fisher]

Hello!

First post here.  I'm looking for advice on how to approach a deal/partnership with a close friend.  I'm going to use pretty rough numbers, but should get the point across.  I have a close friend who has a good deal available to him, but not in the financial position to make a move.  He has a property that he can purchase for around $240K, but could probably turn around and sell as is for $300K.  However, we would probably want to hold on to it as a rental property.  I am able to handle the financing side of this and he would be bringing a good deal.  He also lives in the same city as the property and could manage it.  Any advice is appreciated.  Please note, I am VERY new to real estate investing having only bought my first property in December of 2020. 

Thanks,

Matt Fisher