Partnership Structure Advise

[Martin Reece Taylor]

I am having some work done on my home and had a few contractors come out to provide estimates. I got to talking about real estate investing with one them and learned he had his own house flipping business and was doing really well in our area. We had a really great discussion and I expressed interest in partnering with him on some future projects. His offer was, if I put up the money for the home and reno, his crew could do the job and I could make it on the back end.

This individual currently has his general contractors license, own crew, and private financing to buy most any home in our area. His offer was beyond generous as from my perspective he would be eating into his own business resources to help reno a home that I stand to make a profit on, when he could in fact just go secure a home for himself and use resources for that, making the profit himself. 

This individual and I got along great, and he has numerous praises from others in town that know him. While I am beyond grateful at his offer, I want to make sure I am creating a partnership for the long term and not creating a possible void in the future. 

I am a first time poster, and rookie real estate investor (so this would be my first real activity). Any suggestions or advice on how one might structure a deal in this situation would be greatly appreciated.