Sweat/Capital partnership - how to structure a deal?

[Maggie D.]

Hey everyone!

I'm a rental property investor where we've used a standard 50/50 ownership and profit split with a capital partner on our last 3 properties. All rehabs. We are all the work, the investor is the capital. We put in 10% capital and the investor puts in 90%. This has worked out wonderfully for us. 

I've had a few friends who have seen what we've done and want to start doing deals with us, but i'm unsure how to best structure it. They all want to do 50/50 capital split but I'm not sure if that's the best way given we may be doing a lot of the work? Here's the two scenarios we're in:

Scenario one:

3 people split all costs down the middle on a property. For the work... I'm going to be analyzing markets, finding the deal, setting up insurance, LLC, loan, realtor, handling title, ongoing maintenance management. The other party handling the rehab and furnishing. The third party... her work responsibilities TBD.

Scenario two:

2 people split all costs down the middle on a property out of state. She finds the property, I do "the work". 

Looking for some advice on how some experts out there might recommend a deal structure and why, so it feels great for everyone!