what are the flaws in this partnership strategy?

[Bret Burton]

I am a real estate investor and realtor in Colorado. I'm working on a small multifamily, condominiumized development. I am trying to figure out a structure for a joint partnership. the project looks like this....

10-12 units

estimated building costs- 200K per unit (for everything)

Completed value of 400K per unit

land value is 500K

total construction costs are around $2 million

the land is owned outright by a separate out of state individual.

I will be doing all of the development from start to finish and I'll be the realtor responsbile for any sales. 

I dont have any personal contribution besides putting the entire thing together. We'll work on raising funding for the project through a local bank

This is my current idea:

In order to make my contribution equal to the landowner, I will have to come up with 500K in cash. We'll then use the land and my cash cntribution to obtain a 1.5M loan to complete the construction. I will have contributed 500k, and hell contribute the property worth 500k.

our contributions will essentailly be equal so we'll each own half of the completed project. We would split up the units evenly and once the units are split, the owners will be able to choose what they want to do with them, whether it be rent or sell. We'll split the debt evenly as well. 

however, I dont have 500k, so i have to bring on an investor.  

therefore i have to create a separate agreement with my investor who is separate from the land owner/joint partner. we will get half of the properties, so 5 (assuming we do 10 total). This is where I have to determine a proper payout for my investor....

My thoughts are to give him 2 units, debt free. so he put in 500K and now has 800K in real estate. I get 3 units that have a total of 750K worth of debt and 1.2m in value. 

I think this is a solid win win scenario for everyone, but I want to maximize my payout to be properly compensated for the great deal of work and value add. 

Please help me out to recognize any flaws or positives about my strategy. I've never undertook a project this complicated or large so any advice would be greatly appreciated. 

about me:im an investor and realtor in colorado. I'm 32 and started investing 5 years ago. I own 7 long term rentals with total gross rental income of 250K per year.