Two Person Partnership Structures

[Emma Ross]

Hi!  I live in Los Angeles, and recently completed renting my first property locally.  I want to keep this ball rolling, but I don't live in a cash flowing market.  I decided to partner with a good friend in New York to invest out of state.  He will be putting up about 75% of the money, and I will come in with the knowledge.  I expect to do the majority of the leg work and be the day-to-day point person.   I would LOVE to know how you have structured similar partnerships.

I want a structure that incentivizes me to hustle and for all the time I will spend getting things going, while also acknowledging his disproportionate financial investment.  It is also important that the terms are clear (because vague contracts ruin friendships).  

Any suggestions?