Looking at buying a 2nd house

[Steve N.]

Hey guys,

I have a friend who is a carpenter/handyman, he owns his own company. Well we were talking about the idea of flipping houses together. I can tell you my friend has never been good with money at all so he does not have the capital or credit to do this himself. So I would provide the capital and buy all material and pay for any help he may need (laborer). Well it sounds good but I got to be careful because I can tell you this friend has screwed me in the past 100%. He has even admitted it and apologized. I was curious if there is any way to go about this and not get screwed? I know I am sick of my 9-5 job with no option for overtime. My paychecks are the same no matter what I do and this seems like a opportunity to make money on the side. I guess he would work on the home while I continue my 9-5. One thing I was thinking was no one is paid a penny until all profits are seen at the end. Also we would have to account for capital gain taxes at the end. I would subtract that before dispersing any funds.

Thoughts/Suggestions?

Thanks,