How to structure partnership? His money, my management.

[Ryan Newport]

So say my friend from out of state wants to use his cash to invest in a property in my state. He wants me to find the deal and then manage the project. He’ll finance the project, let’s say 25% down with a conventional loan, and then we split the ownership. For this example let’s just say I get 10% ownership of all equity, cash flow, etc, and he gets 90%. 

Legally speaking, what type of structuring should be in place? Is an LLC beneficial/necessary? For him to borrow and fund the investment and for me to manage it. What things should I make sure of when bringing this together? Will the bank require anything of me since I'd have ownership interest?

Hoping to open up the discussion and get answers to some of the questions im probably not even asking yet. 

TIA!