Advice for structuring partnership

[Ross Miller]

My friend has been wanting to invest in real estate, and recently a good deal on a SFH has appeared that we are interested in. I am in the process of buying a different property and can't put any cash towards this deal right now. He has cash and good credit, but he has no experience or knowledge at all. I have some experience and knowledge, though I'm far from an expert. He wants to partner so that he can be part of a deal and learn from me as we go.

We're looking at conventional financing or possibly paying cash (he has enough cash to buy the property outright) and then refinance.

What would you do in this situation? Equal split? Unequal? How would you handle the fact that he will have at least $10k invested and I will have $0?