Creating a partnership for a limited time only

[Tamara Dioubate]

I'm working on forming an LLC with someone. They found a great multi-family property but doesn't have the credit history to make the purchase so my husband and I are guaranteeing the loan. We are going to be working with an attorney soon but I wanted some advice about how to make the partnership fair. Both parties are responsible for 50/50 split of inspection cost, closing cost, down payment, and all monthly expenses. Since the partner wants to utilize one of the units when traveling to NOLA I was thinking that we should split the cash flow 60/40. She wants to manage the property but I'm having some reservations about that since she doesn't live in the city. We are also creating this partnership with and end goal of her buying me out in five years.

I've said all of that to ask the following:

1. Is 60/40 income split fair?

2. If someone is buying you out is 8%-10% return acceptable?

If you have any other books or materials I should research to assist me with forming a partnership please let me know. Thanks for your time.