Has anyone partnered with others this way

[Joe Lewis]

Anyone had any success with a partnership in which person "A" buys a piece of property for potential rental and person "B" pays for renovations. Person A and B would form an agreement in which Person B would get back the amount he invested plus a certain percentage. After the amount was fulfilled the agreement would be fulfilled? If you have heard of such arrangements is there a name for it? And if you've participated in such how was the outcome ?