Pulling out equity to replace Income

[Khurram Chaudhary]

I am building a large real estate portfolio with  relatively wealthy partner. He is pretty settled and is looking to just diversify his investment portfolio. 

I, however am focusing on building the same real estate portfolio with him eventually to take out some equity as a partial replacement of my income in the future.

How have investors in the past dealt with this? If he doesn’t need the money but I would like to pull some equity out for personal reasons. Given that we are exactly 50/50 in this for now. I would like to have the renters pay the equity back but I would have all of the gain while he would not (which I feel like is unfair). How would we make this more equitable if he doesn’t need and will likely not need the equity in the future? 

Thanks in advance!