I have down payment, he manages and takes the loan..

[Victor Longinotti]

I currently have 3x, 2x and single family rentals and some cash to burn. I live in a super hot market and am using some equity to invest in other properties, locally does not make financial sense.  A former employee (who I really trust) purchased a 4-plex  and wants to invest in more properties in another state.  He presented me with some good deals and wants me to front the down payment, he will take the loan and manage the properties.  I have purchased properties using "drug dealer math" in the past and the deep analytical side has never been my strong suite.  So my problem is figuring out how to structure our partnership.  75/25?  Take into account the management he is doing.  He is earning sweat equity by doing that probably?  We are interested in improving and getting some money back to reinvest, so his time could buy him equity?  Just not sure how the money should be split upfront.  Any advice is appreciated.  I think I am interested in some kind of split.  I know a lot of guys will say I should maybe pay him a referral fee, or take 100% until I get my investment back, but I want to make it beneficial for both of us.  I am sure someone is in this partnership currently.