Paying back friends/partners on Buy and Hold properties!

[Justin Brown]

Hi BP forum,

I was wondering if someone could help me out or point me towards resources that address how investors work with partners to finance buy and hold properties. Specifically, this scenario: I have some cash for a down payment on a buy and hold property, but the money I have will only cover about 75% of the down payment, so I'm considering partnering with a friend who would give me the remaining amount in cash. He would give me a small fraction of the down payment and I would pay the rest and handle all of the other aspects of the purchase and maintenance of the deal once it goes through. 

My question is this: how do investors usually arrange to pay this friend/lender back? I know there is probably not one answer to this question, but I'm trying to get a general sense of how people make these arrangements. Would I just tell him I could pay him all his money back in a year (which would be easy for me to do financially)? Should I pay him back on a monthly basis with interest as if this were a regular loan? Should we split the cash flow over the full term of the mortgage since he is a partner??  

Any feedback would be greatly appreciated.