How to best structure this 3 way partnership on commercial buy.

[Adam Craig]

We are under contract on a 16K sq ft commercial building for 350K that needs about 150K of work. Key bank is the anchor tenant, most of the vacancy is on the second floor which we are converting to residential so the cash flow should be nice.

In 9 years doing real estate, this will be my first partnership. Normally I just pay my private investors back on the refinance but the 2 investors I am going with want to structure it as a long term play which I am okay with if we can make it numbers work.

I am looking for ideas on how to structure the deal.

Total money needed raised if 500K. We have yet to determine how much each of us will be bringing. We are starting to raise money now.

2 of the guys are out of state and I am the investor here on the ground who will be doing/managing the rehab and managing the building/tenants when completed.

Assuming we each bring 1/3 of the funds - what are some ideas to structure the equity/cash flow?