Negotiating partnership...one party has cash, other is co-signer

[Kris Joseph]

We are starting a business where we are bringing in a business partner who has no cash to invest.  We need him though to co-sign a loan to get the business off the ground.  He wants to eventually be 50/50 with us by paying monthly until he's invested at 50%.  He'll be a full time manager with the company with a salary to start as well.

What percentage of the business should he get to start? 0% and then award him a percentage of the business as he pays in?