Investing with a partner

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I have found a partner for real estate investing. Our area is rural and poor but cash flow is good. I found a foreclosed house for 39k. If we split it 50/50...I have researched and he will put in the money for closing costs, repairs, and down payment. After that we will split the NET profit 50/50. Any advice to what happens after he is paid back fully? Is the partnership "over"? It doesn't make sense to do a 30/50/50.. the only way I can make the numbers work is if we do only 50/50. I'm new at this so want to get it right.