Forming my company

[Shelli Neal]

I have been in business for a year after forming an s-Corp which the flipping gurus told me to do... It is very expensive and from what I learn now, unnecessary. I should have formed an LLC for my flipping business.

So I was approached by one of my investors who wants to become partners and he bring the money, and me the experience (somewhat limited with 2 flips this year, 6 total)... But he wants to get into this business but is busy and wants me to find and flip, he will provide the seed money.  I would pay be paid a salary out of the llc we form together so that I have a steady income, and then figuring out the rest has me baffled... He is a good business man, I am lacking in that department, and of course he has the money to invest... I would like to try and make this work but am not sure how we should split profits/losses.  

Is anyone in a similar partnership that could explain how they make the split?