Sweat Equity Partners/Partnerships

[Pete C.]

I'm considering paying cash (and then refi some $ out down the road) & holding a multifamily rental unit and bringing in a "sweat-equity" partner. I've got a busy full-time job and the potential partner is a very talented construction/repairs/etc person (with a flexible schedule) who I know and trust and has done work on my other properties. He doesn't have cash at this point so I would like to bring him in for a % and in return he would clean-up and prep the property for rental, handle all the tenant contact, respond to all calls/complaints/requests and generally maintain the property. I would still have to fund the purchase of materials/equipment, etc for any repairs needed. He would contribute his own labor and time.

My question is: "What is a fair % split in these types of deals"? I am hopeful we could continue this structure and pursue other similar properties in the future.

Any advice, comments, thoughts are appreciated. Thanks!

Charter Oak IP