Real estate deals with friends

[Anthony Williams]

Hey guys,

My friend and I have a decided  to start a Real estate company. 

He found a deal and we are ready to close on. However I wanted to know what would be the best operating agreement to have to make sure things stay fair.

We had proposed $15,000 to close out first deal. I’m putting up $10,000 he’s putting up $5,000 reason for his amount being lower, is because he lives in the state where we are buying this property and I live in a different part of the country. 

How would you guy structure the deal? would you be doing an LLC? How would it look like? Let me know if there are some other things to think about about well.