A 50/50 split, while not uncommon in the world of flipping, is very sponsor friendly, relative to the typical syndication which will typically start at 80/20 or 70/30 splits, with a vast majority of proceeds going to the LPs, along with a preferred return that gives them 100% of the cash flow up to a certain annualized return metric.  

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

This is not yoursituation, but just to walk through the different thought processesin Holding/Selling that a friend of mine is going through.Helped my friend getinto the Self Storage business and walked him through the wholeprocess from evaluating the market, selecting a site, developing thesite, systems, financing, insurance, etc.

Quote from @Steven Catudal: Hi all,I am looking to partner with a friend of mine to purchase some rental properties.

Quote from @Michael Poloncic: Three individuals signed a lease together, all friends, the lease is set up where each of them are expected to pay 1/3 of the rent.

Hi There @Kyle Kulhanek - Welcome to the BiggerPockets Community my friend!

Given current cap rate expansion, and the interest rate environment, it would require a significant capital infusion to refinance now.  

I personally know both @Jaclyn Cano and @Wale Lawal and can confidently say both are great and VERY Investor friendly!

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Mozeo is a fairly user-friendly software, and very affordable.