how to structure "equity" on a small multi family partnership

[Sam Crochet]

Hey everyone,

My friend and I are partnering on a deal in Atlanta where he brings 100% of the up front cash (i.e. 20% down payment and $50K-ish for a rehab) and I find the deal, manage rehab, run numbers, and am the brains of the operation (and I manage the buy/hold on the back end) and assist downstream with refinancing. Essentially, he wants zero responsibility at all times and I'm not supposed to even call him re the property unless it's seriously urgent.

We expect the end result to cash flow nicely. I've got plenty of experience investing on my own and in partnerships where I bring 50% of the cash. This the first time I've brought no money down and am using solely "other people's money". We've agreed to split cash flow 60/40 (in his favor). I want some equity on the deal and am thinking 20% would be appropriate. For this circumstance (where I've got enough of a track record where he trusts me, but I'm still a small multi-family investor without major deals under my belt and he knows I've never used solely OPM before--should I expect to get more than 20% equity? Less? Am I right on the mark here?

I'm also getting a small monthly management fee on the back end (a few hundred bucks).

Anyone got any advice? We've got full trust in each other and he knows I know what I'm doing with value add/cash flowing small multi family properties.

Thanks in advance!!