Partnership question on investment buy and flip

[Travis Kubota]

Hi Experts,

I'm just getting started having done one successful buy, rehab, rent and would love your thoughts on if this is a solid partnership going forward.  

I have a real estate agent buddy who knows the market well. Right now if I see a potential property on the MLS or from another agent he will drive through it, can give good estimates on rehab cost and the estimated value once rehab is complete. This is all work that I can either not do or don't have time for since I have my own gig.

In return he will take his 3% if we purchase the property and invest into the total project for his percentage.  For example if we buy a property for $300k that requires $60k down and $40k of rehab work, he will receive $9k commission and purchase from me a percentage of the deal:  $9k/($60k down+$40k rehab) equal to 9%.  I plan on giving him the option of buying a little more of the deal but I will remain majority stakeholder.  He's a good friend and I trust him as well.  

Additionally he will take 2% of the sale price when we sell.  

He brings his market expertise to the table, vendor connections, and all the legwork (ie if we can save a few thousand on appliances he is the one to go get them and arrange for delivery). Essentially I am responsible for the money and the LLC formation.

My question for this group is if this is a solid and fair deal between the two of us?

Thank you.