New Partnership Structure Advice

[Adam Anderson]

I have been investing in real estate on an off for more than 12 years and become much more active in the last year. A former co-worker as well as an acquaintance recently approached me about partnering up on some deals. I don't really need a partner but am considering it as a way to build my portfolio faster. Both these individuals have the same longer term vision of building a portfolio of rental properties and can both bring additional capital to the table but have no experience with REI. If we partner on a deal, I would work with each on a separate partnership rather than the 3 of us on 1 deal.

We discussed both investing the same amount of capital in an LLC but I will retain a larger ownership %. I'm struggling with determining what is the appropriate ownership split. I will be handling the following:

-Property Search and Acquisition

-Managing renovation & sub contractors

-Sourcing and screening tenants

-Ongoing property management

We will be investing in areas I already invest in, have my team assembled in and thoroughly understand, neither potential partner is local. Basically, I will be putting the deals together, managing the projects, and managing the finished rental property. The partner will be bringing 50% of the capital (which we hope to refi most of it back out with the BRRR strategy). I want to be compensated for the additional work and expertise but don't want to be greedy.

Can anyone help here??