Joint Venture Development - Profit Split

[Hari Narayanan]

Hello fellow members,

Is there a general rule of thumb for structuring JV deals? Lets say a land owner wants to enter in to a JV deal with a developer where the land owner only wants to contribute the land as his investment and wants to do nothing else. And lets say that amounts to 15% of the total development cost.

What would be a fair and reasonable % to allocate to the land owner given the above? How should one think about arriving at the split?

All pointers are appreciated and welcomed!