How to structure a deal

[Tom C]

I have a friend that wants to get involved on my next deal and I could use his cash. The total purchase cost is 15,5. Rehab and holding cost 4K. So total required funds 20K. After rehab monthly rents will be $600.00 per month.

The problem I am having trying to get him involved is that he really wants to be partial owner on the property; however, I have done all the work, rehab, and continued maint and management of the property. Due to his location, he will not be able to handle management. So basically he will be a silent partner.

Anyone have any idea's on what kind of deal can I put together that will give him a monthly income from the property, while still making it worth wild for me?