Partnership Split % - Multifamily Apartments

[Lucas Miles]

Myself along with a partner have a small portfolio of multifamily properties under contract. This will be the first deal we have done together and are trying to establish a fair percentage split between us. The business plan is to basically BRRRR these properties, purchasing at a discount due to the properties are underperforming, we are obtaining a construction loan from a lender, improve NOI and refinance a 1-2 years down the road and then hold long term. Here are the details:

From an operational standpoint we are basically 50/50 and will both be actively involved in the business, we will be hiring 3rd party management. 

Down payment money invested are we 50/50, however seller is carrying a second mortgage of 20%, and we are obtaining a rehab loan so we will have little money invested. 

This is an off market deal that I found reaching out directly to the seller. 

My partner has a lot more experience turning around smaller (10-30 units) multifamily properties, this will be his largest. The largest project I have done is a 5 unit. My partner's net worth is also about 10X mine. So his experience, net worth, etc were the main reason we were able to get approved for bank financing. We are obtaining a recourse loan from a local portfolio lender. 

Main considerations are I found the deal, but my partner brings more experience and a better financial backing for lending. 

Looking for any guidance on how best to split our percentages in this situation. Thank you in advance!