Partnering in a deal?

[Beth Blickensderfer]

I'm considering partnering on a flip with an experienced flipper/real estate agent. He suggested 1)an LLC with us as partners and 2) he found the property, knows the contractors, will oversee the work and selling and 3) I provide the funds for purchase and renovation (about 90k total) and 4) a 70/30 spit of profit, with me at 30%.

Is this typical? Good? Any Thoughts?

[Taylor L.]

You're providing all of the funds and taking all of the risk, but only getting 30% and you don't get a preferred position? Wouldn't work for me at all. 

Most larger syndicated deals will have the opposite type of split. Investors providing capital get the majority of the profit and (in most deals) get a pref or some kind of waterfall that puts passive investors first.