Deal advice? Buy-and-hold with contractor/realtor flipping team?

[Phil Wocken]

Hey y'all! Long-time listener/reader, first-time poster! 

Getting ready to get started on my REI journey, and interested in the BRRRR approach to capture early equity and start rapidly building my portfolio. I work full-time and am not looking to do the rehab myself, so I'm starting to build out my Core Four (yay!). An acquaintance of mine is a realtor who partners with a contractor and together they take down flips in the area. I'd like to approach them about potentially partnering on a BRRRR, and I'm trying to figure out if there is a possible path forward that works for everyone involved (they earn their profit from the flip via the refi without needing to put it on the market, and I end up with the property and a little piece of the rehab equity).

I'm not sure this approach will work while still leaving enough meat on the bone for everyone involved, so I'd love your help in navigating this!

A few questions:

1) I don't know the financial arrangement between the contractor and realtor in this case, but is there a typical way these parties might set up a partnership for flipping? For instance, would they each put up 50% of the initial investment (down payment + closing + rehab costs) and then equally split the earnings after the sale? Does the contractor get an extra cut for the sweat/time he's putting into the rehab? Does the realtor get an extra cut from the agent fees from the purchase and subsequent sale (for his work in helping find, negotiate and market the property)? Or does each party waive that extra income to minimize expenses and just focus on splitting the profits at the end?

2) If I were to propose partnering with these two, what might be the best way to structure the partnership (I'd want it to be fair for everyone involved, because if this approach works, it could turn into something really great)? Would it be the three of us going dutch on the initial investment + rehab (33% stake each), and then each of us bringing some value to the deal (realtor and me identifying properties (focusing on flip-worthy properties that can still be easily rented post-flip), the contractor completing the rehab and then me bringing some cash as a financial partner and then with the understanding that I take over the property (and subsequent mortgage and money that has to stay in the deal) after the rehab and refinance. The realtor and the contractor each get made whole with their 1/3 of the profits back after the refi (much like they would in a normal flip except without needing to market the property afterwards so they can get right back into their next deal). I end up with a little instant equity from the rehab (which would likely need to stay in the deal post-refi) and then a rehabbed property that I can rent out.

I feel like there could be something viable here, but I feel it's just out of my grasp/understanding and that I'm missing some crucial components to the possible deal. 

Thanks in advance for any thoughts/guidance here! I can't wait to get started on my REI journey.

Phil

P.S. Since I'm new and I don't yet have a fancy signature that says what episode I was on, I'm just claiming it now that I'll be on Episode 463. Make sure you tune in! ;)