How to split between buyer and contractor for a flip

[Lisa Wright]

I have some capital, but not enough to buy a (rough) property AND  hire out for renovations.

My thought is bringing on  a contractor as a partner.  Where he is going to do the work, then we will sell and split the profits.

But how would that look:  All cash returned to investors than net profit split?  Would his hourly be paid and-or just cash for supplies?  And if I wanted to roll my sleeves up and help a bit, could I also be reimbursed for that?

I feel like that makes the most sense but I wanted to see what the team thinks. But also contractors make back so $50 an hour or like that would kill it. 

Thank you for your thoughts and suggestions.