What type of biz partnership for first flip?

[Travis Wears]

My realtor, who is also a good friend and has flipped a few houses just came to me with a deal. A house that needs some work, he feels like we can make some money on.

I would be purchasing the house, and paying for all the renos (about 60-70k total out of pocket cash) including closing costs, buying and selling commissions and he would take the lead on the reno. Then, we'll split up the profits.

He offered me a few different ways to do this. One would be a straight percentage on my money. If I was fully invested for 285k for instance, I'd get the first 10% of profits and he'd recoup the rest. Another way would be to split up the equity 50/50 and a third would be a combination of the two.

For example, I take the first 24k, he takes the next 24k and if there's anything left we split it. 

This is my first flip. I'm interested in doing it, he's got the vision, so I do need him. But how would you all approach the partnership? I want us both to make money here but I'm the one taking all the risk financially so I want to be fair to myself.