Timmy Wahba is Co-founder of Beast, Projective Space, President of the Columbia Angel Group, Advisor & Strategy Consultant for Early Stage companies, Venture Capitalist, Columbia MBA.
As someone who has both practiced lean startup methodologies, as well as someone who values their own time.
Go with the small startup's API until you have other resources other than yourself who can develop better than you can. It's just not worth getting tied up reinventing the wheel when it si your job to defer, outsource (elance, odesk, freelancer.com, guru.com, gun.io,) or lisence their code. Your responsibility is to move the company forward in big steps toward its core mission. Not tackling something because you think you could do it.
If you would like to discuss this further, give me a call. On the house.
When you wake up in the morning, say to yourself "Get to that MVP" 3x. Saying that would make the answer to this question a no brainer!
The person offering the captal is usually provided by "silent partners" that you do not want driving the business as day to day "operators" - They could walk away from the business if they wanted, but the operator giving his blood sweat and tears everyday is a very powerful and motivating position to be in.
In my very personal opinion, The individual with the the majority of ownership should be the person that if he left the project, it would not move forward. The person ,this person must live and breath this startup, you want him incentivized to lay it all out on the line knowing he has something to gain. Time and time again I see people "fight over dinner before the food is on the table." - where friendships and work relationshps break apart because they had the "ugly conversation" too many week in after originally discussion. Soemone always leaeves feeling ripped off and scammed.
Under your current structure, I do not believe Startup Law Firms would advise what you have provided. Please double check.
Last but not least, be open and utilize http://www.foundrs.com - the best equity generator out there.