What is a fair equity split for this deal?

[John Stamos]

I am partnering with someone on a large multifamily deal with 30 units where the deal is being purchased by me at the stage of all engineering and permits completed by seller. We are ready to break ground with horizontal construction today. Needless to say the seller is adding on a large premium on top of the land cost for the permits/engineering etc. This will be significantly reducing our overall profits on the back end.

My question is that I am unsure how to breakdown the percentage equity and needed some advice.

I will be doing 100% of the financing for the entire project (land, engineering, horizontal, vertical, taxes, loan interest costs etc).  I understand it’s risky in these uncertain high interest rate times. I found the deal and brought it to my partner. I plan to remain active throughout the project and help wherever I can. I do not live close to site.

He will be overseeing the horizontal construction using the bids provided by the seller. He will be using his friends construction company to do the vertical construction. He will be finding renters to stabilize the 30 units before we sell the project and exit. He lives only a few hours from the site. 

What is a fair equity percentage breakdown between him and I?  Keeping in mind the current shaky banking times we live in (March 2023). Project likely will be completed in 2 years.

Thank you for your thoughtful responses in helping me pick a fair equity split!