Setting up a Silent Partner

I have a silent partner who will be providing the down payment on our purchase. I will be procuring the MHP and handling everything else after the sale. The silent partner will only be providing the money, nothing else. We plan on keeping this property for at least 5 years. What is the best way to pay a silent partner? We have thought about doing it where he earns interest on his money 6-9% from day one. Once the property starts producing income, then he will be paid the back interest plus interest going forward. I will be paid a 10% management fee also from day one. After these two items are paid then all profits will be split 50-50. When we go to sell, he will be paid back his investment and then everything else will be split 50-50.

We want to keep it simple yet fair for both parties. Anyone else have a silent partner and what has worked for you?

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