It sounds like a very UNbalanced partnership. The financing is coming all from one side and the work (assuming your startup is software related) will be done on the other.

He is being truthful with you when he says 33/66 is a lot for you. IIRC the split between Jobs and Woz was much more lopsided than that.

If I were you, since he has access to money, I would just enter into it as Employee #1. Ask for a decent yearly rate, a C-level job title, and stock options. Set your hours firmly and don't overwork. Work for the long haul.