It's probably not going to happen, but I'd love to use this as a "what if" scenario, and learn something from it.Think more about it, I could probably pull about $20,000 in equity from my own home, but I don't have much else to put into this deal.

Leaves a total of $60 a month in cashflow and aprox $290 in equity pay down to be shared.

But, it sounds like you'd prefer more of an equity partnership instead.While it's natural to want a simple answer when it comes to how to divide equity/profits within a partnership, rarely is the answer simple...You need to sit down with your partner, make a VERY detailed list of everything that each party is bringing to the table, and then assign either an hourly, fixed or equity value to each thing.For example, the list may look like:YOU:- Finding the deal- Renovation costs ($50,000)- Creating the scope of work- 50 hours of contractor work you'll do yourself- Finding and interviewing contractors- Managing contractors- Making design decisions and handling materials- Accounting for the project- Staging the house- Finding the real estate agent to list/sell the house and managing the sales processYOUR PARTNER:- House costs ($50,000)Now, instead of assigning an equity split for the whole project, it seems more reasonable to assign some hourly costs for some things (the contractor work you'll do yourself, for example), and it seems reasonable to assign a fixed cost for some things (the staging work, for example) and then assign equity for the rest.So, for example, you may negotiate and come to the following agreement:-  You'll get $25/hour for any contractor work you do-  You'll get $1500 for finding the deal-  You'll get $2000 to stage the house-  You'll value the monetary contributions as 70% of the total equity -- if you're each putting in equal amounts of cash, you'll each get 35% of the equity for your contribution-  You'll value the rest of the management work as 30% of the total equity -- if you're to do all the management work, you'll get 30% equity for your contributionIn the end, that would give you $25/hour for the contractor work you do, $1500 for finding the deal, $2000 for staging work and 65% equity.  

I in turn negotiated 30k off the asking price and gained 10k in equity because of the problems the house had. 

As a percentage, we are also very similar in equity position -this being a factor of how and when we purchased.  

Here's some numbers:-Worth 230k-240k in today's market (I live in Clovis, CA)-I still owe 189k (40-50k in equity)-It was built in 2006, so its relatively new. i.e.

Currently sitting on about 350K in equity.

If my first is 3.5%, 7% seems just about right for a home with steadily increasing values and over $110k in equity.

I personally like to buy them and have them rehabbed where I can have at least a 100% return on capital gains (i.e. if my all in costs are 10K, then I need to capture at least 20K in equity) or 20-30% equity based on ARV of the property.So on a 100K house, I am all in at 70K with less than 15K out of pocket.

I want to purchase a property before I graduate college (in 3 years) and can muster roughly $30000 in equity when I choose to.