How to Structure a Partnership

[Brady Dawkins]

I'm planning on buying a couple of houses to fix and rent.  I would like to bring on an investor who is a good friend of mine to handle the cash portion of the transaction while I manage the flip and tenants in the future. After the fix I plan to refi to get as much cash back as possible.

My question is, what is a fair set up for this type of partnership? My goal with these is long term passive income, so I want as much of the future rents as possible. I'd like to get him in and out of each deal as quickly as possible.  Any thoughts?