How do I Structure this New Partnership!?!?

[Patrick Gill]

Preface: I have no deals under my belt but just got a fourplex under contract tonight! I created a partnership a couple weeks ago, but we haven't really laid out all the details because we are both open to any good deal in our tough market here in Southwest Colorado and Northern New Mexico. So now that we have one, we need to make a contract based on the deal and future plans.

Purchase Price=255k. Annual Cash Flow=7680. CcRoi=12.1%

My partner is providing most or all of the capital needed to acquire. He also has knowledge and experience in real estate investing. He was wayyyyy up  before 08' and then lost it all :/ but ready to get back in the game. He is a busy man working two jobs and has a family as well so that's where I come in.

I have plenty of time on my hands and want to learn and grow in this real estate investing industry. So far, I have found the deal, will be putting the loan under my name, and will be managing the 4 units myself. 

I feel like a 50/50 split is fair as far as the cash flow goes. But am I selling myself short? Not giving him enough of the pot?

And as far as equity, we've talked about me earning a percentage of equity month by month or year by year. I have no idea where to start with this and what is normal or fair as far as that goes?

My partner will probably exit in 3-5 years and that's where things start to confuse me. Cash out refi? Is there really any other option? (we may get into a fix and flip in 6-8 months from now if all goes well and he could take extra money from that to pay himself back for this deal?) 

Open to any and all suggestions here and hoping if anything is a complicated suggestion, someone can break it down in simplest form for my simpleton brain ;)