Partner Ownership Allocation Question from a n00b

[Jordan Myers]

My close friend and I are planning on purchasing our first property this year, having spent the past 6 months analyzing our goals and ideal market, and structuring some down payment money.  We are in need of some help from Property Managers who work with a partner, specifically as it relates to structuring our ownership split of the property, given a few factors:

1. 1. Our target property would require about $40,000 in up front capitol.  I am supplying $25,000, and he is supplying $15,000
2. 2. My friend wants to manage the property, find tenants, set up contractors, etc.  The home would be an A property in a B area, likely 20 years old or less that is near move in ready, aside from potential paint and carpet upgrades.

Given this, we are not sure how to structure our partnership from an ownership standpoint.  I am contributing more money, but he is managing.  I would so value some comments addressing both factors independently, so we can arrive on the split percentage.  Do we land at a 50/50 ownership split, or is one party in need of more or less of the pot?

Thank you!