How do we decide the share when parternering to do flip? One will do all the work.

[Lilly Fang]

In our area, most of the fix uppers are cash only, (usually 300k to 400k) and needs more cash to renovate. I only have about 200k cash to spend comfortably and don't want to take a hard money loan. One of my close friends would like to team up with me. However, she is 2 hours away from our targeted area where I live. Basically, I will do all the work (research, look at houses, hire people to do the renovation, apply permits, etc), and she will just contribute some cash (probably 50-60%). How do we decide the share? What's a fair formula?