Is this a fair split/arrangement?

[Jim Bo]

I have been discussing with a friend a potential arrangement for buying a multi-unit property. I live far away so we'd been talking about me putting down 67% of the down payment with him putting down 33%. He would handle all property management and buying of the property (with my input and consent). Then going forward we'd split the net profits and equity 50/50. We'd be buying in the range of 550-650k range with a 25% down payment, so I'd be putting down 16.75%. What are your thoughts?