How to structure a partnership?

[Kalo (Kyle) Atanasoff]

Hello BP Team,

I am currently working on establishing a partnership with a person who i know for a long time. Eventually, we want to acquire a SFR or Duplex for Buy'n'Hold with 20% down and total cost between $100k-$150k.

My role will be active  - looking for the deal, doing negotiations, all paperwork and eventually managing the property. My name will NOT be on the loan. I will participate with 25% of down-payment portion and will require a 25% of the title. We will split the cash-flow in the same proportion - 75/25. I will be taking 10% a Management fee. We will split all expenses in the same proportion - 75/25. I will be paying my part of the loan by direct deposit to him.

How would you structure the partnership ? We do not want to open a legal entity.

What legal documents you will recommend signing in ?

Kyle