Private Lending from Family

[Sofia Sendra]

My husband and I are looking to invest in real estate, but don't have enough capital to get started. I have a family member I want to reach out to to get into business with together, as he has expressed an interest in real estate investing as well. 

Our Business model would look like this: the family member putting up the money for the down payment, and my husband and I would be in charge of finding the deals, working the deals (we're both realtors), rehabing, and managing. 

Is this a sustainable business plan? If so, how would we go about splitting the profits with our $ providing family member?