Structuring my business

[Greg Gerken]

So my scenario is this... I was approached by a friend/ customer in my current job to partner up in an investing buisness. My friend owns his own company as a contractor. He wants to flip houses. However he knows nothing about real estate, selling, buying etc. He also has the money to do this. I have been looking to get started for a while in this, currently getting my realtors license, know my market in and out, have the contacts, I’m a salesman for a living currently. I just don’t have the extra money.

What would be a fair set up? Is it enough that I find the properties buy them with his money at like 10% interest, contract his company to do the contracting work... then profit off the rest... also I would be buying under my own LLC? Should I be doing 10% interest and then percentage after sale? I'm just not sure what's fair.