Percentage in equity partnerships

[Brent Benoit]

Hello all!

I am a new investor and landlord. I bought two SFH this spring and a duplex this fall all in Butler, pa. I am an electrician, self employed one man band. I have been working on houses in all areas since I was ten. Just to give some background.

There is a laundromat with 8 apartments attached in a nearby town listed for $300,000. It is bigger than I can chew right now, my savings and bank account couldn’t cover the closing costs. So I mentioned it to another investor and he is talking to the realtor, we should go look at it soon. He doesn’t know that area or live nearby. So he suggested a partnership where my ‘investment’ is the time spent managing, updating, collecting the coins from the laundromat.

What sort of equity/profit percentage should I ask/negotiate for?

What other questions should I ask?

Thank you for any help!

Brent