The other partner will be onsite management, set up and property identification.Any help or suggestions on how to structure the equity piece would be great.  

I can tell you what people here have done to set themselves up for retirement.

Not having the capital to jump on deals leaves limited options on "building capital and cashflow".

If you are fairly new to rehabbing properties and have limited construction knowledge you may want to focus on cosmetically distressed properties at first.

It also sets a precedent for others to attempt to follow. 

There may be a limit you can borrow, I think its 100k.

Setting up something like this in a bridge loan to take on some of the rehab could be the best way to go, but most will want to see some 10+ experience to really get what you are hoping.Do you have someone with some "experience' in that space who might do a JV?

If you’re set on taking the loss and speed is more important, try Opendoor and offer pad. 

Most algorithms aren't set exact or specific.

I bet they were 5k for the set.