Starting a Real Estate investing partnership LLC.

[Milo S. Sullivan]

I'm a General Contractor and I have a friend/partner that wants to partner with me to buy, rehab & sell houses. I have an Attorney that will be drafting the LLC partnership agreement, register the new business name and then open a business account with a bank and start flipping houses.

My question is that since my business partner has the initial financing available to buy the properties and fund the rehab.  What's the a fair percentage (i.e., 10%, 25%) of return to my partner out of the profits at closing, after all expenses have been paid.  After a few flips, I will have more skin in the game with the profits from the houses sold.

Thank you in advance for any suggestions.