Sweat Equity fair amount in Joint Venture

[Daniel Suarez]

Hey All, 

I'm buying a property with another partner who lives outside of the country. We're planning to go in 40% me and 60% them. I am in charge of managing, getting the deal, getting the credit under my name, getting tenants, keeping track of rents and they will be just passive. i was planning to charge them an extra 10% so even though we go 40/60. The cashflows and ownership will be 50/50. Does that sound fair? 

Also, with cashflows it is straight forward, but how about the equity on the property? Would you keep that 50/50? or is it fairer to do 60/40? 

Thanks in advance.