Fair Partnership Splits

[Jordan Jackson]

Finally under contract on 1st property! It's a BRRRR, paying $40k cash, needs ~$7k of reno, ARV should be $55-$60k and rent for ~ $800-$900. I am providing all the cash, analysis, and keeping future books/managing cashflow. My brother in law is supervising the renovation, including performing most of the work himself(would be closer to $12k without him), he will be responsible for property management, and performing any future maintenance work that arises without charging for his time, only supplies.

We are forming LLC, my question is what is a fair division of available cashflow (after loans, reserves and any other cash expenses). On one hand I am taking on all the financial risk, and using my w2 income and good credit for evenual refi and he doesn't have the cash, credit, or w2 job to do this without me. On the other hand, he is very handy and will save me alot of money both upfront, and ongoing basis by fixing things himself, and dealing with tenants (this is a class C property). He grew up in area, knows people to get things done cheap, and I wouldn't be as comfortable doing this without him. 

He is not a numbers guy and will likely agree to whatever I propose. I want to make sure I am fair, and he makes more than I would pay a property manager in exchange for piece of mind. Goal is to have this be win win so we are both motivated to do alot more of these. 

Based on me fronting all cash, likely having to leave some in deal, I was thinking 2/3 split of profits in my favor, and 1/3 for him but would love some feedback from the community. Wish us luck!