How to be compensated for handeling rehab for partnership

[Tim Czarkowski]

I have someone who I am partnering with on flipping properties. We were easily able to come to an agreement on how to handle that. However my partner also wants to hold some of these properties long term. He would be putting up all the cash and I'll be locating the properties and managing the rehab. Neither of us had an idea on how I should be compensated for managing the rehab.

The property we are currently looking at is a 6 unit apartment building that will need somewhere around $100,000 in repairs, so not a small job. I will obviously get my commission on the buy side and then after the rehab I will be managing the property and we have come to an agreement on that. Should I get a percentage of the rehab cost? If so what would be a fair number? Personally I was thinking about it and I think I would prefer a small ownership position. That way he wouldn't have to pay anything out of pocket and I would get a little cash flow and a portion of the upside if/when it was sold. It would be a small enough ownership that he would still be free to do what he likes with the property. What would be a fair amount? It would hopefully be the first of several. I expect the rehab to cost $100,000 and the ARV to be around $360,000.

Any ideas will be much appreciated.