Money Partner structure for a B.R.R.R.R.

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Hey BP,

We are in the process of acquiring a property to B.R.R.R.R., but have our funds in another project. We decided the best way to go was to bring on a money partner. The Partner would be putting in 100% of the funds for purchase and rehab (around 50k total) and we would be handling EVERYTHING else. We plan on being able to pull out 55-60k on the refi (mortgage under my name) , and the property rents for 1,395/month. Does a 50/50  split of cashflows sound correct? Also, what are some structures I could put in place with the money pulled out by the refinance?