Partnering with a Mortgage Broker and Environmental Attorney

[Matt Liu]

I am partnering with a Commercial Mortgage Broker and  Environmental Attorney on a big real estate deal (a warehouse conversion). The mortgage broker and environmental attorney are saying they want 33% equity each. Granted they are each doing a lot initially - the attorney is clearing the brownfield hoops and even suing the liable party, while the mortgage broker is arranging very good 100% financing, working with the city to setup the bridge loans/grants. 

The question is, is this really a fair split? A friend and I are splitting the remaining 33% doing EVERYTHING ELSE - the rehab, the contracting, the tenants, (the management too but probably at a cost to the operating account pre-owner-draw). 

In other words, is it common for an asset manager side of an investment team to make only 33% while the legal and capital side of the investment team make up the other 66% of the ownership?

Thanks!