Buying apartment buildings with a partner. How to structure?

[Phil Morgan]

I am in a pretty good situation but not sure exactly how the paperwork should work.  I have a partner that has money and is willing to put the full 25% down on properties that I find for a share of the deal.  He is also willing to put out the money for any up front repairs we need to make.  My question is how does this look on paper?  I will be finding and negotiating the deals as well as being the property manager.  We have already agreed that I will be taking a management fee.  He will be bringing the money his contacts with lending, lawyers and other potential partners when we start syndicating. Who has had a partnership like this and how did you structure it? We aren't looking at 200 unit complexes yet so the cash flow isn't huge.  Right now we are looking at some 20-30 unit buildings and just got a 8 and 12 unit under contract.  I know how everything works for a flip not not too sure how that translates to a buy and hold deal. I am just looking for an example of how you have split cash flow and equity with your partner.  I know the generic "just split it 50/50" but its not THAT easy.  He is putting down a nice chuck of change and I am just making sure that he is getting a decent return on his money so it's fair for both of us.  We are looking to grow and invest in larger multi family and commercial properties so we need to get this all ironed out now.

Thanks 

Edit: We will be forming an S corp and then buying each property in it's own LLC. I own a smaller multi family properties on my own but took on the partner to buy bigger deals. I am not jumping into this blind, I do have some experience.