Partnership structure for buy and hold properties
I need some advice on structuring a partnership on buy and hold deals.
I am a new investor and have decided to partner up with a good friend of mine on starting our real estate journey. We both currently do not own any investment properties but have similar goals in real estate. We both want to acquire a portfolio of rental properties. Our target is the BRRR strategy but at the end of the day we are looking for solid assets that will cash flow.
I bring the drive, vision, and investing knowledge to the partnership while by partner works for a property management company so has experience with all tenant related aspects, is a licensed broker and has access to MLS, and has contractors he trusts (we have yet to use them for personal projects). We both bring equal capital to the partnership and do not have enough capital individually to execute a deal (currently).
We originally were going to acquire all properties in a joint LLC but decided that might get complicated in the future when either of our investment goals change. We have pivoted and decided that each partner would purchase a property individually with the other partner acting in a JV role.
We will still work as a team and help each other out with whatever needs to be done with each others properties.
My initial thoughts are to set the deal up where the partner not purchasing the property provides a sum of capital for rehab/purchase with a fixed return (10%?) and terms and also receives a percentage of the cash flow for help managing.
My question is:
How have people in a similar situation structured their JV agreements?
Are there any books/resources that I could read to learn more about structuring deals like this.