Best way to structure a partnership???

[Peter Decker]

I work in commercial real estate finance and have done some limited personal investing in rental properties.  In my humble opinion, there's arguably three key ingredients to successful real estate investing...time, cash and credit and maybe you throw in persistence as well.   Because of my day job and 2 year old, my biggest challenge is finding time...time to network, drive properties, analyze deals etc.  BUT I have some cash and solid credit.  So my cousin, who has a good bit of time as well as a homebuilding background, but little cash and no credit, is proposing we start investing together.   He's proposing we do some fix/flip or fix/rent deals on single family homes maybe some small multifamily.  I've used him several times for reno on my home as well as investment properties and he does a great job and I trust him.  My question is basically what is the best way to structure a partnership in this scenario?  I'll be financing the project but he'll be doing a lot of the work himself and managing the projects.  My inclination is to set a return target then split the profit after that hurdle is met.  I feel like I'd be taking on a lot more of the risk putting in the capital and taking on financing (if needed), but I'd be counting on him to get out there and find potential deals as well as do the rehab.  Curious to know what is typical and has worked for others in similar situation.  Would appreciate any thoughts or advice!