How to split Equity with no cash in the deal?

[David C.]

I have some friends/family interested in partnering in real estate. I have the credit to qualify and they are willing to put in enough for the down payment. Their goal is to make some extra money utilizing my experience and credit. I will analyze the property, negotiate, manage the property, and screen tenants. I am open to this because I don't have to use my funds and it allows them to achieve their goal. My questions are:

1. What would be fair equity split in this case?

2. If equity, do I need to add them as a limited partner in the LLC (would create a new LLC)?

3. Would this be better to structure as a loan from them and pay interest?