Investing with Partner, Different %'s

I am new to REI, and I am looking into investing in a property with a partner. The partner is putting up the cash for the down payment, and I am financing the balance. The partner is putting in 20% and I am putting in 80%. We are going to form an LLC to define everything up front, but have some questions.
My questions is:
Does it make a difference whether the money being put in is cash or financed when it comes to selling the property and splitting the profits?
How are the profits in this type of situation usually divided?

Thanks in advance for any advice.

Howdy REIinFL:

The money usually gets half. Some want more and some want a little less. I have been working on deals where I find the property and help the money get get 100% financing and we split 50/50. Some say no way why do I need you if I get the financing and put up the money and some say that I should get 60%. It also depends on the deal. If their is equity and cash flow going in then it is easier to get partners.

It may be important to the money partner to get interest on the money invested from the cash flow before and of the cash flow is divided between the partners and of course the get the cash back before any sale profits are split.

Some will say the credit risk is too great and will want a bigger percentage. Here again the better the deal the less the risk.

As you can tell it is a wide open range open to negotiation. You can also find investors to just make a loan to you if the rate is high enough and the deal is good enough. I usually pay 12 to 14% on a 95% LTV first mortgage which is usually only 80% of the after repair value.

I hope I have not totally confused you. LOL