Partnering on fix and flip deal

[Ryan Nodurft]

My agent and I are planning to partner on a fix and flip in the very near future. I am new to REI and was wondering if anyone who has done this before had advice on how to divvy the profits and what steps should be taken prior to partnering.

We both have the capital available to invest in a few properties. So I assume 50-50 split is called for. However, after further consideration, all I am bringing to the table is half of the capital. I will be relying on his real estate experience, past experience flipping houses, and gaining a break on the selling commission. Also, I work full time at a job. So answering calls from the contractor and checking on the rehab will likely fall to him most of the time. With all that, a 50-50 split just doesn't seem fair. Are there any metrics for dividing up profits and responsibilities and attaching a profit percentage to them to make a deal more equitable?

Also, should we have a contract that covers these roles and expectations and mitigates any unforeseen risks? What happens if one of us is incapacitated or dies, gets sued, loses a job, or one of a thousand other unanticipated misfortunes? What do we do in the event that the house can't sell?

Thanks in advance for the guidance!