Partnering on Multifamily Property - Need Advice

[Trevor Martin]

I'm looking into purchasing my first multifamily property with my real estate investing mentor (50:50 split ownership). It's a 12 unit building that will require a down payment of ~$90,000. My mentor (potential partner) has all of his cash tied up in another property at the moment, so he suggested I be the financial partner and he be the managing partner. I have the cash, but need help figuring out a win-win partnership.

I'm new to real estate investing and he has been a godsend. In three short weeks, with his help, I've purchased two single family homes that will be very profitable. He's managing them for me as well, and has already put two great tenants in them at above-market rents. He's streamlined the entire learning curve and has always made himself available to me. For this reason, I want to make sure he gets a good deal out of our first multifamily partnership. That being said, I don't want to give up 50% of the building just for management (which he normally charges 8% for).

If I put up the entire $90,000 down payment, how do you suggest I get my $45,000 (50%) back? Since only he will be managing the building, I thought about offering not paying him management fees until that $45,000 was recouped? Is that a good idea, or how else would you approach this?

Thanks for your help!