Question for Attorneys - Additional Interest in Property in Exchange for Services

[Logan Allec]

Let's say I want to do a simple real estate deal with a co-investor.  For sake of example, let's assume the initial cash outlay (down payment, closing costs, etc.) is $100,000.  I would contribute $50,000, and my co-investor would likewise contribute $50,000.

However, although only contributing 50% of the initial capital, and additional contributions would be made 50/50, I would be entitled to 60% of the cash flow, 60% of the taxable income/losses, and 60% of the equity in the property in return for orchestrating the acquisition of the property and handling all legal, tax, accounting, and management issues pertaining to the property.

Questions:

1. Would an LLC or an LP make more sense in this case?

2. Are there standard LLC Agreements covering this sort of arrangement?  I imagine arrangements like this happen all the time, right?  Since the deal is so simple, I was hoping I could find some standard language somewhere and not have to hire an attorney.