How to structure a partnership?

[Kevin Douglas]

I'm looking to bring in a partner to help me secure a deal. The plan is that he give a me cash for 20% down plus rehab costs (17k) and I return 15% to him as until I can repay his loan. In this deal I'm looking at monthly cash flow is about $400 a month (after ins, tax, repair, capex, mang costs) so I can give him $212 a month and I keep $188. 1. Does this look fair for both us us? This is my first partnership. 2. How do I structure this? Do we form an llc for just this property? Or does he just give me cash and I give him $212 per month? 3. Doesn't seem fair to give him $212 tax free per month. How do I structure it so he has gets taxed on his portion and I don't take on that burden at the end of the year. Such a noob question I know... sorry