Multi partner deal structuring

[Grant Lawrence]

I have two people that I have done different work with for a few years now and we are all own properties independent of each other.  Now we we have decided to look into buying a property together but need to know how bet to structure the deal. 

 One guy has the money and the other guy and myself are the carpenters boots on the ground.  We plan on buying a distressed property and trying to do a cash out refi to pull out most of the money for the other guy and give him a rate of return on the remainder.  Money guy will finance the down-payment and repair.  

Any advice would be appreciated.