Assistance in equity splits after cash out refi

[Erik Pfundstein]

 I am partnering with one other person and they would like to do a pure equity split, we will be doing equal work. 10 unit multifamily value add. They would probably be putting up 80% of the funds while we would be putting up 20%...  He said  I can buy in at various points to get closer to 50% if we want...   my question is what happens after we do a cash out refinance and recoup all of our capital plus a profit  in accordance to our percentage of initial investment?  Would the cash flow from the property from that point forward be 50-50 ?  Does anybody have any experience regarding buying-ins?  Has anybody structure the deal like this that would be able to provide some insight?  We are kind of stuck on what to do regarding percentages after refinancing.  It doesn’t seem like buying in would make any sense after we did a value add cash out refinance...