Negotiating partnership...one party has cash, one party has labor
Apologies if this is in the wrong category. This seems like a fairly common issue, so I'm hoping someone will be able to offer some wisdom. My partner and I are trying to figure out how to equitably and fairly negotiate our respective stakes in the business. So far we wholesaled a house without touching it and are in the process of rehabbing a duplex that we might hold or flip.
I have access to capital therefore I purchase the properties and finance the rehab (offering some, but relatively little in the way of physical work). My partner provides the labor (and is willing to pitch in some cash, but he doesn't make much and it feels unnecessary and complicated for him to pitch in cash when I have that under control). However, he works a full time job and is only able to rehab my/our property in his spare time.
Our inability to come to an agreement on how our partnership should be divided has led to a standstill on construction.
Does anyone have experience or advice on how to quantify the contributions of each partner and make sure each gets a fair share?