Hard Money Partnership HELP???

[Ron Steele]

Here is question that I had about deal structure

Lets say a house costs 100k. Two partners are coming to the deal to partner up.

One party gets a hard money loan for 65k(65% ltv) and finds the deal. The other brings 35k cash from his pocket.

Is the partner who gets the hard money and puts together the deal obligated to inform the other partner or investor where his money is coming from. Should the split be 65% -35% or 50%-50%.

The exit strategy will be to flip or refinance and hold.

Are there legal or moral, legal, or ethical issues with this? This question was asked to me so I thought I would post for other more seasoned real estate investors thought so I could answer better, because I have never done a deal like this.