Partnership Structure: How to split returns (losses)?

[Levi Helms]

Hello all! I searched the forums but did not find very clear answers on how to structure a partnership. In this stage of my investing career (just starting!) I have time, but little to no money. Ideally, I would find a partner to fund the deal. 

If my partner is funding 100% of the deal (down payment + rehab) and I am doing 100% of the work, any ideas on how to split the returns? My instinct tells me 50/50, or I have heard to use "preferred return" method and pay the person funding the deal first. 

Any advice, experiences, or ideas are much appreciated.

Cheers,

Levi