Starting Out - Structuring Partnerships

[Nelson Kingery]

Hello Bigger Pockets,

I've been listening to the podcasts religiously for the last couple of months. I've began going to open houses and would like to get started in the Oceanside/Carlsbad market. 

I am looking for suggestions/advice in regards to structuring partnerships. If a partner wants to bring in 20% down to a deal you have found: (1) what is the typical percentage split (2) Can you structure it similar to a waterfall model? (3) When should partner(s) expect to see a return. 

Thank you 

Nelson