Fair Joint Venture Agreement

[Ian MacLeod]

Myself and a partner are looking at buying an investment property. My job is finding the deal, dealing with the realtor or seller and conducting all the due dilgence. If we proceed with the purchase of the property then my partner will be supplying the down payment funds...After closing the property will be managed by a property manager and I will be responsible for dealing with the property manager. At this point due to some credit blemishes the mortgage on the property will be in my partners name only....So to sum it up, I do all the work but he supplies all the money and takes the risk by being the only party named on the mortgage. We have agreed to split monthly rental income 50/50 and proceeds upon sale at 50/50 when that time comes....My question is, is this fair to my partner.....Any insight or opinions on this matter would be appreciated.