First deal with a partner/structure

[Alex Avalos]

Looking to do my first deal and I partnered up with my Dad. He is bringing the capital for the down payment. I plan on managing the property and over time trying to update the property with my money. I’m curious to know how you all have structured these type of deals. Just looking for opinions or what has worked for you all in the past. I thought of doing it just as a loan and paying him back over time with interest. Or doing an equity stake when I sell the property in 5 or so years and he gets his initial investment plus maybe a 60/40 split on equity. Or splitting cash flow throughout the life of owning the property. Just looking for some advice. Thanks in advance!