Best syndication structure for deals with long term debt

[Ben M.]

Hi, I've found BiggerPockets to be a nice online resource for learning about syndication, however in my research I haven't yet found the right deal structure that fits my situation.  I am talking to an investor about partnering on multifamily deals, and he is looking for a long term hold with a focus on paying down debt.  My intention was to structure the deal as a 40/60 Split with an 8% preferred return, however, he would prefer to avoid a cash-out refi and use long term debt.  I'm on board with his overall vision, however both he and I acknowledged that this will take much longer to pay off the unreturned capital.

My potential options are:

-40/60 split, 8% pref, and hypothetically pay off the unreturned capital in 7+ years using only cashflow.

or

-Straight equity split, unsure of what a fair equity split would be.  I would take less equity but would have no preferred returns to pay.

Having a preferred return to pay for 7, 8, 9, years means my cashflow would be light for an extended period of time. The straight equity split appears to fit my investor's game plan, but I don't know what a fair equity split should be in that scenario.  I'm open to ideas, thanks in advance.