New investor from NJ with a question

[Nick Olivieri]

hello,

My name is Nick and I am from mahwah, NJ.

My wife and i purchased our first home, an older home in desperate need of some TLC, about 2 years ago and i have been remodeling it slowly in my spare time.

I have listened to a few audiobooks about investing and have begun listening to the bigger pockets podcast 

I am interested in learning about investing in rental real estate.

I do have a question to start with: 

I have a good friend with a significant amount of money he is willing to invest.  If I partner with him I can begin investing much sooner than I could on my own, which by my estimates might take 3 years to be comfortably financially ready.  He invests in other businesses and would be very hands-off.  Would you suggest setting up some type of partnership or waiting to do it on my own?  And if a partnership is the way to go, what would such an arrangement look like if he was to put up at least 75% of the money and I handle everything else? (Including as much of the renovations as possible)

Thanks!