Structuring a Partnership Deal

[Kramer Stewart]

I have a 34 unit deal under contract and I am looking for advice on how to structure a partnership for it. My partner would be coming in at my cost or for what I have it under contract for of course. What are some different ways this could be structured? 

The partner would be bringing all the money to the table. And we have discussed renovating the property, raising rents and doing a short term flip for it. 

Purchase at $1.4 million - Renovations at $250,000 plan to sell around $2.1 million. Rent rolls suggests it has a gross potential income of $20,000/month currently. The deal is a mix of three 5plexes, one 16unit, and three SFs on one lot. We discussed selling off the SFs after purchase. How would this work? 

My question to anyone on BP would be what would you suggest as a fair split? I found the deal, negotiated the purchase price etc. My partner would be bringing all the money to the deal. 

Monthly cash flow split? 

Equity splits? 

Thank you in advance for any help!!