Equity partnership involving 1031

[Jon Foley]

I'm looking for some advice. A friend from out of state is in the process of doing a 1031 exchange, he already has an attorney handling the 1031. This friend reached out and said he'd like to invest in 1-3 properties together using his 1031 exchange capital. The idea is that I'll manage STRs in exchange for equity and a percentage of the bookings. 

I've never had an investment partner, I'm unsure how to structure the deal that is fair for both of us. On The Real Estate Agent’s Ultimate Guide on How to Work With Investors they gave the following formula:

• Partner puts in the cash required for the down payment and the closing costs
  We split the NET (profit or loss) 50/50.
• If we sell the property, we split the NET (profit or loss) 50/50.
• Equity is always split 50/50, including appreciation and any possible refinancing.
• I provide my investor with a statement and direct deposit every month.
• We both report the 50% income (or loss) on our personal taxes.
• Our partnership is legalized through a legally documented Partnership Agreement (no LLCs, etc.).

Has anyone found a partnership formula that works well for STRs? 

Does a 1031 prevent me from being on the deed or any adverse impact on a partnership? I know 1031 is just a way to delay capital gains, I wasn't sure if the tax is somehow attached to the new deed or if there is any random issue I should be aware of on my side of things. 

Thanks everyone!