Advice needed on ways to split the "profits" and expenses.

[Jennifer Konikoff]

Hi everyone,

   My husband and I want to pull our money together with our friends to purchase a multifamily property in Miami.  We have $50K max and they have much more than us to work with. Ultimately, I am seeking advice on how to enter this investment with another party.  

   Is it best that we split the down payment, they cover the rehab, and the profit split be _____?  I have no idea what the split would be, so if you have advice on that too please add it to your post.  My husband and I would manage the property until we could afford a property manager. 

I appreciate all the insight and advice that will come our way, thanks!