Need advice. 3 way LLC / partnership set up

[David Denney]

Need some advice on the best way to structure this deal that's fair and beneficial for a 3 person LLC/partnership agreement. My father and I have formed an LLC with another friend to start buying some rentals. We found a cheap rental rehab home and and I'm trying to come up the best way to structure the operating agreement.

some things to things to be aware of;

My father and I have found the deal and will be completing 90% of the rehab.

The friend has lots of capital and is able to provide large sums of cash if needed. His goal is to diversity his money as he's been very successful in another business. He will be totally hands off and only role is to provide money.

My goal is cash flow and another investment(same as my father).

I have limited free cash on a tight budget but have access to a heloc loan for expenses if needed. My role will be running day to day operations/ property management/ taking calls and running all activities after the rehab.

Our initial thoughts are 1/3 equity.

Quick Rental details: we purchased the home for 30k. It will need approximately 20k in repairs and have a ARV of 80 to 120k. Should rent $800 to $950.

The friend purposed the following. 

He pays the 30k for the home cash. My father and I complete the repairs and fund the repairs. We would be paid an hourly rate and whatever we  spend/accumulate; the friend would get the cash rent until the differance is paid. 

Any opinions on this structure? 

If My father and I use the heloc to fund the repairs; I'm concerned to have payments on a heloc as well as giving up all the cash flow for a period of time. Plus- at that point- we would all have similar cash in the deal with us doing all the work/ management. 

Any thoughts on a better/ more fair to structure this? Thanks guys!