Suggestions for structuring a deal with a partner

[Ilya V.]

Hi all,

I am looking to purchase a first property together with my brother in law. 

Some of the simple financing deal structures that I have read involved something like 100% financing from one (or a group) of partners in exchange for x% interest and the first position on the lean or 100% financing in exchange for 50% equity (split with the buyer/manager of the property).

Our deal is probably going to be somewhat different. We are both going to put in $40,000 or so and then borrow the rest from the bank. (Maybe up to 75% of the property value, so we can get good leverage). This would be for a buy and hold (maybe long-term sell) property.

I will be doing 100% of the purchasing and management. 

I am looking on suggestions for making an equitable financing arrangement so that it is still attractive to my partner, but I am fairly compensated for the fact that I will be doing 100% of the work. 

Any thoughts?