Profit split questions
So I am starting out in real estate, and my mentor(my grandfather) and I just bought our first house to flip. The house down payment was 12k and we are both in 50-50 on both down payment and renovation costs. He has done about a dozen flips over his lifetime and has about 4 rental properties currently as well. I have no prior technical experience in this, I have only read about 3-4 real estate books and listens to probably 60+ episodes of BP podcast. I should also note that I am 21 and can work a lot harder than he can, being 72, and he has a lot more experience and wisdom to share. I assumed when we started the deal that we would be splitting profits 50/50 since we are in equal money, and although he is directing and guiding the process, I am physically working a lot harder. When I mentioned this (being a week into rehabbing) he told me that it was quite unfair to go 50/50 since without him this deal wouldn’t be happening. I understand that even if it was a 99/1 split it would still be worth it for the experience and to say I’ve done my first deal, but since I am in equally money wise, I am wondering what a good split would be. Has anyone been in similar situations? Does anyone have any input? I am not trying to be greedy by any means as I am very grateful to get my hands dirty on this first deal no matter what the split would be, but Im still seeking value as any other person would. Any suggestions?