Splitting a Property with Silent Investors

[Mark Brick]

I have a couple rental properties and I'm starting to grow and get a reputation.  On my most recent purchase, I got 2 silent partners to come in, in a joint venture.  They gave me $30k each and I gave them 20% of the profits in perpetuity. (House cost $145k with $60k in reno) I'm wondering if there's a formula for this.  I kind of estimated what would be a good deal for my investors over 10 years and a great deal for them over 20 years.  Is there something more concrete?

Example:  If I'm buying a house that with purchase and remodel will be $100,000 and I put in $50k, and my silent partner puts in $50k, what's the split?  It obviously won't be 50/50, because I'm doing all the rehab and property management while he may never see the property in person.  He's sitting at home waiting for a paycheck from me.

Anyone have a formula or calculator for this?  Thanks.