How to structure a partnership for a duplex?

[Christopher J Lemmon]

I am a part time investor with a specified niche aporoach. I buy 1-4 units properties in Wyandotte County KS where I used to live. I know the community, rent rates, and housing prices. I turn them over to my Dad who still lives with 2 minutes of my target neighborhood and he manages them for an agreed upon percentage of the rents for total management. I am able to be out of town and hands off except for large repairs after the purchase. 

I want to buy more buy and hold duplexes, but I recently lost my W-2 job. I have cash set aside for reserves and a new down payment and I will maintain on my other rents until I pick up a new gig. 

I am curious what other investors have done in this kind of situation if they want to keep buying. 

I have 3 brothers who l could be partners on an investment. Teo live in a market with crazy high standard of living costs. So housing prices in KC sound like child’s play to them compared to where they live.

I need a partner to take out an investment property loan mortgage to do another duplex or triplex or fourplex since I don’t have the W-2 income to get another one right now. I see several deals I want to make a move on, but I am unsure how to fairly structure a deal. If one partner is putting his credit on the deal to make it fly with the bank but I put up some or most of the down payment, what’s a fair split on the rent profit at the end of the year? 

What’s credit worth? 

In short what should I offer if the other partner is just using his credit to make the deal with me? 75\25 split? 50/50 or 80/20? 

What does the seesaw look like? If I put up all the down payment, what should I cut them in for?

Also, I am the knowledgeable one in the family pricing the deal and showing them how we evaluate each potential investment, what’s that knowledge worth? 

Anyone else who has done partnerships have thoughts? 

I am only considering doing this with my immediate family as partners, my brother/brothers and Dad as manager since he is already managing all of my units. 

Thoughts?