Need ideas on how you would structure this deal? Please!

[Kurt Pauley]

Hi guys, I have a situation where I was going to go 50/50 on a deal with a partner and the partner had some stuff come up and now cannot put the full 50% down at purchase. I was going to offer him a 25% stake in the ownership and 25% of cash flow for what he can put in now but I know they want an option to go in at 50% down the road.  How would you go about allowing them to buy in in the future? Interest on the money? Should it be a portion of the initial investment or something different? 

Property is a triplex, $115k, I am putting 25% down to a local bank for the mortgage.  My estimation is that this property will be worth $150-160k with some very minor repairs and I plan to refinance within the year. It is about a 1.75% deal.

Thanks for any help!!