Friend is a work horse and wants to do a deal where he's boots on the ground and I fund the downpayment

Hello,

A recent friend of mine wants to get another property but doesn't have the funds right now and is looking for someone to fund the down payment and we'd split the proceeds. I don't mean to be a jerk but if it's my cash and his time I don't feel like a 50/50 split is proper. If anything, I'd think I'd take 70% and he'd take 30%.

A little about the deal is this:

There's a large house near a nicer large city that is 7 bedrooms, and he wants to rent it buy the room for $750 a room. Not an unreasonable rate for the area. It would need some renovations, I'd guess 120k and purchase would be 240k. I'm not positive how renovation costs would be paid for yet (he's all hyped up and doesn't give details). He mentioned cashing out and doing a refinance of the property to cover old loans and have it under one. Makes sense to me. I was wondering what type of deal seems most advantages and what the numbers look like on something like this. There's a lot of variables and I'm not sure where to start.