Need advice on structuring a partnership

[Aaron Peterson]

Hi, my name is Aaron.  I have been the landlord of 5 properties for the past 15 years and I now want to build my rental portfolio substantially.  I'm a realtor and I have about 5 years as a State Farm catastrophe claims adjuster.  I'm new to Ohio and I'm currently a realtor by day and investor by night.  I have a connection to some private money and I'm not sure how to structure the partnership.  He wants to put around $100-150k in initially just to test how we will work together.  Then more as I build his confidence.  He doesn't know a lot about real estate but he's amazing at business in general.  My goal is to obtain about 100 rental units in the next few years.  My credit is bad and I currently do not have a lot of income.  My private lender has great credit and much cash flow.  I'm wondering if anyone can give me advice on how to structure a partnership (money split) on a situation where I'm buying one rental property after another and he is acting as the bank.  (he will possibly be the one signing for refinancing once the property is seasoned) I know if I simply found a lender they would charge around 6-12%.  I want this person to be a little more involved and help me make wise decisions.  Does anyone have experience in a situation like this?