Suggestions for this 50/50 partnership?

[Daniel Harnsberger]

A friend of mine owns a dilapidated property in an area that is on the rise. He lives two hours away. I have tried to buy it outright, but he suggested a 50/50 partnership. Great, that's actually easier in this situation. 

I found a private lender who is willing to pay off what little he owes on the lien plus lend the money to repair the property. I would be added to title, oversee the project then get it rented and manage through my PM company. I have also secured a lender who will cash out our private lender, put a little money in our pockets, then we will have property that will cash flow at $400/month after all expenses. $200 cash flow for each of us and none of our own money in the deal.

He likes it, wants to move forward, but is asking if there is a more simple way to proceed. I pride myself in my ability to put a deal together, but I can't really think of another strategy that is SIMPLER. Does anyone out there have alternative suggestions? Thank you in advance.