How to value LP cash contributed to a deal?

[John Krudy]

Hi - 

I'm wondering how to think about valuing cash from an LP in a deal. For a simple example:

Two GPs of an LLC find a deal for a $100k property, and get a loan for $80k.

They want to use other people's money for the down payment, and bring on an LP for $20k

How much equity do they give the LP?

Obviously the $20k should be worth about 20%. But should it be worth more given LP is the only one putting down cash? Or should it be worth less because his name is not on the mortgage, or if we're don't want to complicate things with management fees and carry, the GPs will be putting in work by managing the property for a decade plus?

Thoughts?