What are common partnership terms?

[Aaron Helmholdt]

Last night I listened to Brandon Turner in his multi family webinar. Awesome job Brandon!  As a multi family investor, I am interested in securing a partner for my next 2-4 unit property but have some questions as to how these deals typically work. Brandon mentioned a structure where someone manages the property and someone puts up the money for the property and it is split 50/50.  If any of you have that in place, could you expand upon that? Brandon, maybe you could chime in? 

Is it generally expected that the money person comes up with 20% down plus closing costs and repairs? Down the road, do big expenses also get paid by the money partner or should cash flow cover everything once the property is bought. Does money only get paid out to partners on the sale of the property? What are some common practices between 50/50 partners where one side is the money and one side is hands on. 

Thanks!