Compensation for managing rehab of apartment building

[John Chapman]

An out of town investor has an apartment building with a 40% vacancy rate.  He doesn't have time to manage the rehab that this apartment building needs.  He is also very dissatisfied with his current property manager.  I'm going to propose that I would take over management of the apartment building for 8% of rents (standard in our area).  Also, I will supervise the rehab of the apartment building so that we can get the units filled again.  For supervising the rehab work i'm going to propose he give me a 15% equity stake in the apartment.  Does this sound reasonable?  He benefits by upgrading his property manager plus someone to supervise all the rehab work that needs to be done.  He is very busy and a long ways away from his apartment building.