What's a fair split for passive partner?

[Ahmad H.]

Hi BP,
I have a passive investor interested in partnering with me on next deal. I buy distressed multi-family, rehab, and rent. I'll be finding the deal, managing the rehab, renting, and on going management. The latter part of renting and managing is standard 10% of monthly rents but what should be the compensation for finding the deal and managing the rehab?

1. 10% of deal value as compensation. Essentially, partner would put up 60% and I put up 40% of all funds, with LLC ownership split 50/50.

2. 5% of purchase price as acquisition fee. 10% of rehab cost.

3. ???

Feedback & suggestions are welcome. I would like to find an arrangement that works for different deal types, instead of customizing for each, to keep things simple.