How to structure a Partnership

[Sam Evans]

I am partnering with a good friend to flip houses in Texas. He has about 10 years of construction knowledge and I will be fronting capital and figuring out logistics of everything. We will both be hands on in the renovations.

My questions are:

(1) What is a fair percentage of profits for both of us if we flip houses? He suggested a 60/40 in favor of me, which sounds reasonable.

(2) If we renovate and decide to keep the property and rent it out, how do we structure profits?

*Bonus question*

I have heard that moving a home can restrict loan options when trying to sell; specifically with an FHA loan. Can anyone confirm or deny this?