Offered a partnership on a duplex conversion by another investor

[Joseph Funk]

I was offered a partnership by an owner of a single family rental to convert into a duplex and hold it as a rental afterwards. We both only have a couple units and have never done a partnership. He still has a 100k mortgage on the property with 30-35% equity. The reno costs would be around 100k. He said he has already been approved for a construction loan of that size.

The ARV and cash flow afterwards all works out.

I have previously done major renos and I have more time to deal with contractors when need be. He has a family and is trying to free up his time.

Would it be reasonable to offer a 50-50 partnership where I do the leg work during renos and with tenants, and don't provide monetary value up front? Or should I be buying in on the equity similar to buying into a firm?

Any other suggestions/ideas to offer?

Thanks