Karen, I mentioned the equity based on contribution which is the custmary method.
As to your value, or the value of any partner, what I and others look at;
1. Money, this has two sides, first is the contribution to share the benefits, secondly, is the partner strong enough to suffer a loss, can they inject more if required, can the back up guarantees with thier check.
2. Experience, what's the track record in similar deals, is there a record of success or will one partner end up doing thier job and the other guy's?
3. Reputation, are they trustworthy, do they do what they say they will do? Are they known to be fair dealing? Will they work with you or will they see you working for them, how did they work with others?
4. Assets and liabilities, financials good? If you take every cent from them to make the deal, (1. above) and they have difficulties elsewhere, will they still perform or will they run, will they try to pull more out due to other losses? What liabilities do they have, judgments? Liens? Large obligations comming due? Contingent liabilities, are they involved in other risky ventures where they may get in a bind?
Tie these aspects together and weigh the value of thier participation. How bad do you need them, do you even want them?
Besides the money contribution, what would the services cost to do what a manager might do? Level of knowledge required. Would you need a CPA or could an account do it, what's a construction forman get, need a mortgage borker, what would that cost, is your partner well versed enough to keep you out of your attorney's office? Then, what % of time might be spent in each aspect of the duties?
As to work performed to earn your way in, what does it cost to hire out those functions? If all I get is a construction supervisor and I'm doing the deal, I doubt I'd give any equity as I can hire construction management and a mud boss.
Most investors over value what they actually bring to the table. Some may do a good sales job saying they can do, but when it comes time to crack the nut they are exposed, if you are the majority capital guy always make sure you can dump the other partner, to some extent, to get the deal done, finished, hiring out assistance. Remember the golden rule, he who has the gold makes the rules!
Be realistic, your services are based on you experience, abilities to perform and track record. So, Karen, if you have cranked out 28 medical buildings on time, on buget and sold or leased them up as expected, I'll look at doing number 29.
Now, to reality, the best partner is the one who doesn't need you, but wants you. One who can take up the slack if needed. Those are few and far between.
When you need a partner, you're at a disadvantage. If you're new don't blow smoke, but make up for it with effort, search for answers from good sources, be able to make sound decissions. Much of your return should be, in part, your education, paying your dues, having the opportunity to establish that track record. Consider that as well in the valuation of your contribution in a partnership.
If the other party is about as green as you, then you're on equal footing. Good luck!