Return on partner's investment

[Chris Eaker]

I was talking to my brother about apartment investing and he asked a question I want sure of the answer. Say I bring in a partner on a deal and they bring, say, the 20% down payment for a purchase, and we split ownership 50/50. When we sell the asset in like 10 years, do they get their initial investment back first before we split the profits? 

For example, we buy an apartment for $1,000,000 and they bring $200,000 for the down payment. Then we hold it some number of years and then sell it for $1,500,000. Does the partner get their initial $200k back then we split the remaining $300k half and half or do we split the $500k half and half?

I think this is all negotiable but what would a partner typically expect?