BRRRR with a cash partner

[Ruan Joubert]

Hi BP community, 

I need advice on managing the structure of a deal.

I have a cash partner that will fund the purchase price and rehab and some. The structure we agreed on is a 50/50 equity split. I'm planning on refinancing the property after 12 months. Numbers show that extra cash will be pulled out of the deal. 

My question now is what happens to the partnership after paying back the amount invested and splitting the extra cash if the new loan is in my name?