First time using private money

[Mark Ito]

This is my first time having private money interested in a deal. I was speaking to a friend about what I'm doing and a deal I was looking to acquire. There was no solicitation for funds, and he wanted to jump on board with capital. Current deal would be for a portfolio, and requires 20% of the total value as down payment. My questions are:

1. How have you all structured deals with partners? I will obviously be working with an attorney to draft a solid contract, but just need an idea for the terms.

2. I could do it on my own, but if I bring them on I can allocate my funds elsewhere on more deals. They say partners should bring something to the table, and he is pretty wealthy and there is potential for future partnerships if this goes well. Do I partner up on this deal, or go it alone and reach out for deals in the future? 

3. If we do partner, where does his money go? From what I've read and understand, it should go straight to title/escrow account?

Again this is my first time not using my own money, and looking to gain insight and lessons learned on private money and partnerships.