Partnering with Dad. What's a fair deal?

[Aja Leafe-Hall]

Hi,

I have a question about partnerships, specifically family partnerships.

I'm looking at buying my first deal. It is a property in NH. I am in WA. My Dad found this deal. He believes it is a property we can acquire for under $100K and Rehab to have an ARV of $200K. I have run the numbers through BiggerPockets calculators and it looks like a solid investment in multiple scenarios.

So, I would finance the purchase and repairs. The down payment and rehab budget would come out of my home equity line of credit and I would get a new mortgage on the rest.

My father will do all the rehab and manage the property, physically. He does not have any capitol saved or home equity and would need some income while he does the work which would come out of my budget. So, considering he is the boots on the ground and found this deal for us, what is his reasonable share of the profit? I want this to be lucrative for my parents and partner on more deals with them in the future. I also have a personal interest in their building retirement income.

Any feedback? What have you done that works well for a partnership?

Thanks