FIRST DEVELOPMENT SYNDICATION much equity should i request?

[Gabe Sirkin]

Any help or thoughts would be extremely appreciated! Let’s treat this pre Covid for all intents and purposhe’s.

The developer put the ball in my court to come back to him with a proposal. 

The plan has always been that I would get a piece of the profits for bringing him the deal. I would get a percentage of the GP level returns. He always said it would be very fair deal and he will take care of me. I do trust him very much, however since this is my first, what would be considered fair? 5-15-20-30%. I would also be taking some fees such as acquisition fee and potentially some of development fee (if we decide to add one). 

• I found the deal
• I tied up the contract
• I performed some pre-closing due diligence (about $15,000)
• I will project manage, bid out the deal, work with architects, GC’s, engineers, etc.
• Numerous meetings with contractors and architects to date

• Investor will put up ALL equity required to buy the land
• We will raise additional equity for renovation 50-50. 
• Sign on to the debt
• Provide development expertise 

So what do you think would be the correct approach? If need be I can help raise equity on the purchase as well, if that simplifies everything.