What is the typical 50/50 deal of a silent partner?

[Rohan J.]

Okay, here's the situation:

I have a partner who wants to invest, but basically is relying on me to find the good deal. I see a lot of these 50/50 deals where there is someone who has the money, and someone who has the "brains".  I'm curious to know what the general best practices are for this partnership?

a) Does one generally put all the downpayment/financing, and then at the end of year they go 50/50 on NOI? Trying to figure out what is the 50% that the "brains" guy typically receives.

b) Do we need to form an LLC + create a joint checking?

c) Any other general tips for a newbie trying to create a 50/50 partnership? He is a friend of mine and trusts my judgement - neither of us would get upset if a deal went bad (we've already discussed possibilities of losing money, and how it will Not effect our personal relationship)