Suggestions for % Split on Fixer-Upper (Investor & Contractor)

[Paul Paquin]

I am an investor (and businessman) who recently found an excellent property to buy, fix up and sell. I brought the deal to my contractor friend (and family member) and asked if he wanted to go in 50/50. He's willing to invest 50% of everything and do the work to fix up the property (which could take 60 days of his time) so that we could sell it and profit around $100,000 to split. The other day he hinted to me "since I would be the one doing the work and investing 50%, shouldn't I get a higher percentage?" I mentioned in return, "but it's a deal I found and brought to you, and without me, you could not afford to do this. Keep in mind, my company could fund the entire deal and pay a contractor to do all the work without any financial help, but I am hoping to give this family member a chance to participate in this deal (that could result in more deals). I feel if I require him to put in 50% of the capital that will ensure his skin is in the game and I can count on him to get everything done fast. 

What's fair here?

I could offer: 

Since you are doing the work I'll fund 75% of the investment (less money out of your pocket) and we could then split the profit 50/50. 

Or, I could offer to reimburse him for his time based on a fair hourly rate that he charges for a renovation job of this size, so at the time we sell his hourly rate would be treated as an expense and get reimbursed to him right away.