Structuring a partnership

[Hemray Kay]

I am in the very beginning stages of discussing a partnership arrangement with a young and ambitious individual who wants to get into the real estate / STR business.

This potential partner has limited business and real estate experience and limited funds for even a down-payment. He will be managing the day to day operations and property management. 

I, on the other hand, have significant business experience (although none in STR's). I also don't have much time that I would like to put into this endeavor. So my role would be more of a passive investor who provides mentorship advise and the finances for the down-payment and most likely will be the one carrying the loan.

I did call it a partnership because I want the other person to have some equity in this deal so they have more engagement. Probably about 10-20% equity. If the first one goes well, we plan expanding. 

My question to everyone is: 

What would a fair partnership look like in this situation? How much and how would you provide equity to the other partner and how much % of revenue should the other person be paid for property management?

[John Underwood]

Honestly this person isn't bringing much to the table. You could just hire a PM and be better off.