Question on structuring deal with cash investor

[Devin A Hanley]

Hello,

I am currently in the process of purchasing a multifamily and I have someone who is interested in doing a joint venture on this property with me. They willing to put down a 25% down payment. We plan to hold this property as a long term investment. I would cover the closing costs and initial renovation costs, which are not expected to be more than a few of thousand dollars. I would handle the day to day operations on this property, which primarily will consist of managing our property manager.

Their down payment would get them 45% of the property and it's earnings. They will also receive 8% of their initial investment back before I am able to start to take my share. 

I am curious what peoples opinions of this structure is. Do you believe it is fair? I am not sure what the typical arrangement, if there is one, for a deal like this would be. 

I appreciate an insights any of you may have. Thank you for your time!