Rental Partnership Structure Questions

[Matt Eckler]

I've tried to search BP forums about partnerships and although I've come across a lot of valuable information, I've yet to find my specific situation discussed. 

Basics of the partnership:

- All the properties will be in my name (I have the high credit & W2 income)

- I will be investing $25-50k per year of my own funds into the business to buy more property

- My father is in an all cash business so the idea is he will be getting his money in via renovations and ongoing maintenance/CapEx

- I will be responsible for all the "white collar" tasks and hold ultimate decision making ability as everything is in my name

- He will be responsible for "blue collar" tasks; finding properties, coordinating with contractors, etc..

Our goal is to build cashflow for a 10 year period before we would every need to start "taking" the cash flow out of the business. We're hoping to accumulate $150-200k in annual cashflow by that time. 

My questions revolve around how to structure the equity & profit splits so that it's fair for what we're going to be doing. Without a lot of experience, I'm not sure what the time commitment is going to be and what the value that we are bringing to the relationship is worth. Then there's the family piece of it and the last thing I want to do is go into this thing without clear roles/responsibilities and it ends up damaging our relationship. 

With him being in a all cash business, it creates a unique situation where he will be getting is money into the deal by raising the value of the property and paying for everything but the down payments. This will keep our seasoned cash on hand at a maximum for future deals. He doesn't bring any handyman type of contractor experience but he will be able to find and work with the contractors and ensure the property is managed. I will still be responsible to oversee everything, keep us in compliance, handle the financing, contracting, and overall business plan. 

Assuming we can get our "cash in" to be pretty equal (me on down payments, him on reno/maintenance/cap ex) - is a 51/49 split fair based on the time commitment that we're going to be putting in? Is my assumption of cash in balance realistic or will I end up getting more in with down payments? 

Obviously I will need to decide what I think is fair at the end of the day but not knowing what our time commitments are going to be is making it hard. 

Any insight/advice is much appreciated!