Partnering on buy and holds

[Judy South]

I've listened to lots of discussions about partnering on deals and am wondering about some specifics. My husband and I have financed all of our deals (3) using our own down payment money but would like to learn more about bringing in a partner. How have you structured partnerships on buy and holds? Or I guess a better question is - is there a common financial arrangement for these types of deals? Flipping seems straightforward, split the down payment, split the profits from the sale and move on, but what do you do for long term investments? Split the down payments then split the monthly profits until you decide to sell? Should the partner be party to the loan documents too? That seems like it'd be complicated when exiting....any thoughts are much appreciated. Thank you!!