How can we structure the partnership so that we both get what we need out of it?

I come from a line of RE investors who have sadly all lost money and friends over JV and partnerships.

The landlord, or the landlord's spouse, children, grandchildren, parents or grandpar-ents provided the landlord is a natural person and not a corporation or partnership; or, b.

I would not buy it and seller-finance sell it back to him.A few years ago, a partnership I'm in bought a commercial property that was in foreclosure. 

It's not really a brainstorming session or anything, but once I think through the same plans enough times and get to know them like the back of my hand; I feel like I can actualize them much easier when the time actually comes to take action... recognize opportunities sooner, pull the trigger faster and with more confidence, etc. 

Plus, I am currently fully executing my first purchase agreement for an Equity Partnership with friends.

Based on that you have two completely different approaches, if it is a former it really comes down simply to income you and your partners have and a 25% down payment (assuming you are not going to live there) for a conventional agency loan (FNMA/Freddie) and you will have to put it in your names as no mortgage banker will finance an LLC/LP (there are ways to get around it after you buy it in your name and transfer into an LLC without triggering a due on sale clause but that is a different conversation).If you are talking about a multifamily loan, you can get a down payment for as low as 15% for certain product types (like FHA multifamily) but you would need a loan amount of about $2 million for most lenders.

This was a partnership deal where I syndicated with a newer investor in exchange for my experience and expertise.

As much as I don like the saying “your network is your net worth” it’s the truth and always love to have others around me for support and wisdom.As of right now I’m in the process of getting my real estate license so I can become a “part time agent” but don’t want to focus too much on becoming an agent but instead invest in real estate with different strategies such as house hack, BRRRR, wholesale, partnerships, etc. 

Do not make the partnership 50/50.