Equity Structure??? Does this sound fair??

[Billy Guyette]

I'm working with an investor who has a fairly large amount of capitol to invest, and/or access  to it. There are a few deals in my area that I would like to pursue, but don't feel like I should devote my time and resources unless I can own 50%. My investor wants to leverage his money, so on each project he would only put 20% down, financing the rest at around 3%. Could I structure the deal where he paid the 20% and I would pay him my half (10%) of the down payment through cash flow? So I would be paying half of the primary note and a secondary note paid to my investor until we reach parity with the down payment. I would be his "boots on the ground". It would be a passive investment for him. Has anybody done anything like this? Is it fair to both parties? 

Billy