Investor partnership terms for a beginner

[Daniel Thomas]

I am looking to get started in BRRR in single family homes, starting initially with a 2 or 3 bedroom 1 or 2 bath in my area (lets use a 100-150k base price pre-rehab costs as a target). I do not have money to put down as a downpayment for the mortgage/rehab. We have a friend who could possibly use their own cash for the down payment towards a mortgage/construction loan on a property I would be finding. I would be brining the contractors and rehab expertise via my father-in-law who builds custom homes. I would be managing the property for the 6-12 months that it would take to season the mortgage before refinancing the down payment and equity out to move to a second property.

My question: what are acceptable standard terms for a ROI on my friends cash keeping all of the above in mind? I would be keeping the rental property and starting my real estate journey. They are not interested in holding, merely ROI but the idea that we could continue the partnership into more properties is possible. Let me know if theres more information needed.