How to split a deal with a partner

[Colton Hamilton]

Looking for advice on how to structure a current deal.

Currently my partner and I are closing in a deal and we are trying to figure out how to structure our parties deal.

DETAILS

Purchase price = $69,900

House is acquired through owner financing.

55k is financed through owner. Interest only payments of $350 a month.

$14,900 for a down payment will be through a personal private money lender (who doesn’t care much about a return) he is just helping out.

I have the established Line of Credit where all the rehab money will come from. We are looking at 35k rehab cost. I will also be paying the $350 a month out of pocket (to avoid interest of line of credit/or should I put it on line of credit)

My partner will be doing most of the rehab himself. I will only be able to help for 3-4 weeks.

House has already been gutted but it’s pretty much a full rehab with an addition of a garage.

My partner found the deal and did all the negotiations with realtor.

How does the bigger pockets community recommend splitting this deal?

Any help/advice is greatly appreciated.

Thanks in advance.