How to Structure the Partnership

[Colin Youn]

A friend of mine from overseas is interested in investing in real estate in my local market.  He would provide 100% of the financing (through his bank at a low interest rate) and I would provide the oversight and coordination of the purchase, renovation, and maintenance of the property.  We agreed to split profits 50-50 with the monthly maintenance allowance available to me as-needed.

My issue is that I am having trouble figuring out how to set everything up legally to make it fair for both of us. Should I start my LLC and roll the property into it after refinancing, all the while having a side partnership agreement which outlines the terms of profit sharing and ownership? Should we start an LLC with both of us on it? Are there other ways to set this up? Ideally I want my own company and I would like to use this property to begin my portfolio.  Similarly I would like to plan for future partnerships with him and his family w/o necessarily starting a business with him.

Any advise from someone who has either partnered with someone who provided all the financing and or partnered with someone overseas?  Also, if anyone sees any potential issues with foreign banks and or the way were setting this up please feel free to poke holes in the plan.