Newbie going in with a newbie-- structure

[Gus Mardoni]

As my real estate investment education continues to expand I'm finding that it's the small details that take up most of the time, at least in my case. Secondary to financial needs I've decided to take on a partner, family member in law who happens to be a CPA (general CPA).

I came across this article from August 2016 which I found priceless for my needs. ( https://www.biggerpockets.com/renewsblog/flexible-...)

I would like to follow the path laid out by the author of creating two independent LLC's operating under a parent LLC.

Seeking assistance with two considerations: 

(Little background: I will be doing all the work associated with the rentals. His role is acting more as a finance assistance (investor) than a partner but I'm taking him on as a partner to avoid fees associated with investors and mitigating my out-of-pocket expenses. He also lives out-of-state which limits his involvement capacity).

Question 1: given my level of involvement vs his it's only fair that compensation or investment % differs-- Would splitting profits and expenses (post purchase) 50/50 but purchase costs (down payment, closing costs, etc.) split 70/30 (me 30%) be a fair?

(I understand these are terms my partner and I have to figure out but appreciate feedback to not set myself up for failure or him feel taken advantage of).

Question 2: once the earlier described partnership is established (parent with subsidiary LLC's) is it a once and done or does it need to be rewritten for each deal? (LLC costs can become hefty).

Thanks for any thoughts and feedback for advice to one or both questions.

[Thomas S.]

Personally I believe before you come here for advice you sit down with him and discuss the entire deal. Until you each talk it out you are wasting your time making any assumptions. Getting information here is only going to end up creating preconceived notions that may be in conflict with what he may want and will cause tension from the get go. Do not take any advice till you have a full understanding of each others ideas and concerns. From there you can form a plan.

Sit down and talk with a blank slate and listen to each other first.