Partnership ideas?

[Jason Blum]

I recently bought a duplex, it's a rehab project. It was bought through the LLC I manage on behalf of my LP's. My economics as the GP are 2% aum fee/20% profit split/1% acquisition/disposition fee. I have a friend(experienced flipper), who wants to be involved in the project. His main value add is managing the construction/rehab piece. I need help dividing and conquering. Sourcing capital, finding and analyzing deals are my strengths (although I love architecture/design). For sweat equity and or investment he would like economics on the deal, but I am struggling to figure out a fair structure. He has capital, but we have already purchased the property. We plan on investing $130k on the rehab, financed by hard money. He could be the lender of that hard money.

Any ideas/suggestions on a good structure?