Structuring a partnership - tax benefits for A/cash flow for B

[Jeremy M.]

I had a partnership proposed to me by an acquaintance in regards to buying and holding rentals. SFH and small MF. He is largely wanting to be a money partner for tax benefits. He needs some tax write-offs and I need cash flow. I have only limited experience with partnerships and have tended to be a bit of a lone wolf when it comes to my rentals. However this is a person I would have a great deal of confidence in and would love to work something out for both of us.

1) How do I write this up with most of my input being acquisition, management and possibly some funds. I need cash flow primarily at this point and tax benefits are secondary.

2) Most of his input is funding with. He would like the tax benefits primarily. 

3) He wants to buy and hold indefinitely but I think we should address an exit strategy. 

Is this scenario more normal than I think it is? Can anyone offer me some real world examples and numbers?

@Alex M.   I'm still digesting your comment on a previous thread in regards to a partnership. I'm thinking something like that could work. I'm just not sure how the taxes and everything would work out on it yet. I'll need to educate myself a bit more on that. 

Thanks