Starting a Joint Venture with Friend/Investor

[Todd C.]

Hey all--

It's been a long while since I've been around here, however, not much has changed beyond my knowledge. To make a long story short, I set off on an entrepreneurial path to try to provide me with funds to make my rental property plan happen. Although I did end up coming out profitable, the idea didn't create as much wealth as I had hoped, and so I have decided to partner up with a friend/investor to buy a rental property.

I'm interested in how to structure this deal. He will give me up to $30k to invest in all necessary costs (down payment, closing, any rehab, etc.) when I want. We haven't spoken terms much beyond that and I'm wondering how best to set this up. I ultimately want to get him his $30k back, but I'm sure he will want to retain some ownership in the structure. Any ideas would be greatly appreciated.