I have found my Mr Miagi.... how to craft partnership?

[Carson Wilcox]

Well, one of the main things people say on here when starting out is to find an experienced investor that you vibe with, and work with him or her... and learn.  I have found this person.  He is a local Mortgage broker with several dozen flips under his belt.  He is trustworthy.

We have talked about a couple deals, and we are offering on one now.  He has his own $, and contractors all day.  He wants to do a simple equity split.  I put in a third, I get a third.  whatever % I put in on the deals we do, I get that % of profit.  No PM fees, no nothing.  I think this is a pretty sweet offer to be honest.  I told him I want to watch, and learn.  Then do deals solo later on, or work together, or both.  He said hell yes.  His statement was that the more deals we find, and do the better, and he would rather just split straight % and do more deals than argue about % if he brings the contractors etc..

It appeals to me for two reasons.  One, I can learn, and meet people.  and 2, in my area prices are insane, making points and interest tough for me to fit in the property flip calculator.  Joining forces lets me do a deal and not get leveraged so hard.  Maybe have 2 going at once.  

Am I missing anything?  Should I ask for something different?