Private Money Lender just for renovation costs

[Max Ripley]

Hello! I am getting ready to buy my first house. There is one that I am very interested in and is a no-brainer for a fix and flip. It is a hoarder house that needs mostly cosmetics, and is priced very low relative to the area. However, I do not have tons of liquid funds to invest in the property after I buy it.

I have a friend/co-worker who would like to front the cash to renovate the house and help me physically renovate it (we are both good with tools). He mentioned getting a portion of the profit when selling the house. My question is, what is a good realistic deal format for both of us. Both of us would be doing equal amounts of physical work. I would pay the monthly mortgage payments to a bank. He would front the renovation costs. 

I have always wanted to get into RE investing, but am looking for some good guidance for a good deal format to get me started. Thank you in advance!