How Would You Structure a VRBO/AirBNB Partnership?

[Andrew Taylor]

A buddy and I are talking about building a few tiny houses and using them as vacation rentals along the Texas coast. He's in a position to bankroll the project. I'm not able to contribute much financially, but I have the time and resources to design, source, and build the units. 

Our plan is to build a single unit first and then market the hell out of it. We'll use it as a rolling model home, visiting the local Lowe's, Home Depot, Cabela's, Bass Pro Shop, Gander Mountain, boat shows, etc. We're in big metropolitan areas (Houston, San Antonio) that get lots of RVers and vacation traffic and are within easy driving distance of the coast.

Our thought is that this rolling road show will help us both guage interest in the units as rentals, and perhaps drive interest in building custom units for folks who are interested in "going tiny" or might otherwise be looking to purchase an RV.

And, worst-case, if there's no interest in either of those things, either we sell the model and move on, or we keep it as a time-share RV unit for our families to use. 

My question is, in light of the fact that my partner has the money, but not the time or the skills, and I have the time and the skills, but not the money...what would be the best way to structure our deal so it's fair for both parties? My original thought was, "you pay for materials and the few labor items I can't do, I'll do all the labor, and at sale, you recoup what you spent and then we'll split whatever is left 50/50." Frankly I have no idea if that's fair to both of us. Thoughts?