Need help with structuring deal for commercial building

[Clive Smith]

Need help with structuring deal for commercial building

Commercial property price 2.6 mil. Friend found the property and asked if i could join. Potential for increase in rents and appreciation upto 3.5 to 4million in 5-6 years but not sure.
Rents at 210k per year for 4 tenants. 50k per year total paid for common area maintenance by all the tenants - which includes property management fees, property tax, insurance, snow removal, other maintenance and misc stuff. Interest rate 6.75%

friend to put in 400k and i will put in 600k. Friend will assume 40% of loan and I will assume 60% of loan. Property management fees at 6%, friend will take 4% for asset management. Rents to be split at 50/50. On sale in 6-7 years once property appreciates he will get 60% of total and i will get 40% of total. is this a fair deal?

I was proposing same terms as above but on sale of property but Eventually when the property sells, we propose that the internal rate of return be fixed at 8 %/year on the initial down payment amount for both parties. Then 10% will be given to my friends and rest will be divided 50/50. 

Not sure whether this is a good deal or not. Going to talk with my accountant and financial advisor but thought will ask here and what potential things to look for