Need help figuring out a partnership (first time)

[Jirair Kolangian]

Hello Biggerpockets,

Some background on me:  I own a design + build firm here in l.a. and have done plenty of flips and currently own 14 doors (2- 4units, 1- 3 unit, 1 duplex, 1 sfd) 

My agent recently brought me a property 24,700 s.f. lot with rd1.5 zoning (1 habitable dwelling every 1500 s.f. of lot) ...meaning I can build up to 16 units on it

It currently has 4 single family type homes on it generating $6400 monthly (3 - 2 bed 1 bath & 1 3 bed 2 bath) 

The owner is asking for way too much (1.9m) and basically trying to find someone to partner with. 

My question is basically, what would be a fair monetary breakdown if I will be providing the funding (permits, city fees, plans, public works, and the actual construction)....my ballpark estimate is that all this will cost 2.2-2.4 million if I build nice quality townhouse style 3 bed 3.5 bath townhouse style units.

Should I offer him 70/30? Move on because it's gonna be a headache? 

Thanks in advance