Partnership between GC and Investor on a Brrrrr 12 unit Property

[Byron Stocum]

This week a very intriguing property just landed in our laps. My realtor is also an investor that found a potential property with 12 rentals on it. There are a few studios, a couple 2 bedroom and 3 bedroom units on it.  We're looking to purchase it as partners but I'm not sure what the best sort of partnership contract would look like. I don't think there's much work to do to this property as I know the owners and they are contractors themselves. In our partnership, I'd be the contractor that would keep the place running and do most of the sweat labor. My partner found the property and would be mostly a financial investor. I have the ability to find private money to invest in this but the interest rate would probably be around 8%.  

I don't have a lot of experience in investing in real estate yet.  I own my own home but that is the extent of my experience. 

I'd love to hear any advice you may have. What would your partnership look like?