Why do you want a co-founder?

Giving away equity is foolish. Read How To Get Rich by Felix Dennis to find out why if you don't know.

Better to hire someone and pay them a one-time salary.

If you don't have cashflow to pay a salary, you should ask yourself why anyone would want to come work for free, on a wing and a prayer that you're going to be profitable. They have other things to do with a much greater chance of success.