Financing partner - how to go about?

[Ben A]

I found a rental house with great cash flow (even after 50% rule!), and need a partner to purchase it. A friend is willing to do the partnership. What is the *typical* arrangement or agreement in this case?

a) Partner will provide the purchase resources - cash for down payment + financing.
- His money used for down payment will always be his, correct?
- Is any down payment suitable acceptable? ie, say 10% down is possible, is that OK, or should a larger DP (20%) be enforced since it affects "our" monthly loan payment, and ultimately our cash flow to split?
- Should he be allowed to "cash out" his money during the partnership? Same reason as previous -- if he cash out refi, loan is increased, cash flow decreased.

b) If I do the management, is it OK for me to take a management fee as part of expenses? Or is my "free" work on it usually part of the deal being the "no money" guy in the transaction?

c) How to best hold the property (in CA) so that it reflects both us owners? Land trust?

Thank you folks!