How does an investment partnership work for rentals

[John Thies]

Question: I have a very wealthy acquaintance who has let me know that he is willing to partner with me on Realestate Investing. We are looking at B&H to rent. Unless we get the deal that we can flip and make a good margin. He doesn't want much to do with it except make some money at a good IR. How would I go about handling a deal like this. What's a good percent to offer return? How does he get his return if we are renting and expect $100/door? Do we split that income? Please advise. -Thanks