Flipped house with partner, need advice on restructuring

[Sarah Kathleen]

I am just finishing up my first flip with a business partner who is also a GC. Our original structure was that I would provide the capital and do the design work and some of the sub oversight. He was to do 100% of the labor. It ended up that I provided 100% of the capital, managed the subs, did the interior design, sourced all of the materials, dealt with the inspectors and ended up doing a ton of labor including painting, drywall and tile. We also hired about $10k of labor that was not in our original budget because of the sheer amount of work. We are splitting the profits 50/50 on this transaction. 

Clearly I need to revisit our agreement for the next flip and am looking for advice on how to structure. I enjoy doing the design work, sourcing materials and managing the subs, but I have no interest in doing the hard labor. I'm thinking that we take the money out of the equation by giving me a straight % ROI (what is typical?) and then split the profits after that based on the amount of work we are both bringing to the table.

Thoughts??